Raptor05121
Mooney Apostate
- Joined
- Apr 13, 2010
- Messages
- 1,119
- Reaction score
- 152
Is it possible/safe/smart to purchase an airplane on a loan for a person just getting into life? I'm a 23 year old student pilot that should be licensed by the end of the month. The girlfriend and I plan on doing a bit of flying in the near future (minimum 15 hours a month) with the occasional cross country.
I currently have a 1964 Cherokee 140 that hasn't flown in about 7 years, I'm considering it a basket case and trying to unload it to anyone looking for a project. Selling price is $10k so most/all of that would probably be my purchasing power. I'd like to keep in the Cherokee family 140/160, but would love a 180. Renting a 152 is an option, but it is really slow, as is its carrying capability. But like many of you know, its just something nice to have something where you left it last and be available 24/7 without playing phone tag.
Looking on controller, $25k would be a decent price that would keep me happy for a short 4-seater. With 10k down, financing $15k. I've never had such a big purchase so this is all unknown grey area to me. I still drive my first vehicle (1998 F-150, with 435,000 miles). Its going to have to be replaced soon, so thats another factor I have to think about. I'm just wondering if I'm rushing into this and would be a bad idea.
I currently have a 1964 Cherokee 140 that hasn't flown in about 7 years, I'm considering it a basket case and trying to unload it to anyone looking for a project. Selling price is $10k so most/all of that would probably be my purchasing power. I'd like to keep in the Cherokee family 140/160, but would love a 180. Renting a 152 is an option, but it is really slow, as is its carrying capability. But like many of you know, its just something nice to have something where you left it last and be available 24/7 without playing phone tag.
Looking on controller, $25k would be a decent price that would keep me happy for a short 4-seater. With 10k down, financing $15k. I've never had such a big purchase so this is all unknown grey area to me. I still drive my first vehicle (1998 F-150, with 435,000 miles). Its going to have to be replaced soon, so thats another factor I have to think about. I'm just wondering if I'm rushing into this and would be a bad idea.
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