Aircraft Ownership: Lessons from a First-Time Buyer

When David, a private pilot from Ohio, bought his first aircraft in late 2023, he expected some challenges—but not the full scope of what lay ahead. After months of searching, he purchased a 1979 Mooney M20J with 3,200 total time and a mid-time engine. The pre-buy inspection looked good, and the price was right. What followed was a crash course in aircraft ownership.

David quickly discovered that hangar availability near his home airport was limited. He ended up storing the aircraft at a field 45 minutes away, which cut into his ability to fly regularly. Meanwhile, insurance costs were higher than anticipated due to the type and age of the aircraft, and he had to complete transition training to satisfy underwriters.

Despite these hurdles, ownership offered a level of freedom and personalization he never experienced as a renter. He installed a modern GPS and ADS-B Out, replaced aging interior components, and got involved in a local aircraft owner’s association. “There’s something powerful about knowing the plane inside and out,” he said. “It makes you a better pilot.”

The first annual inspection after purchase was another eye-opener. Several issues missed in the pre-buy came to light: aging fuel hoses, corrosion behind a panel, and out-of-date AD compliance documentation. The total cost exceeded $7,000. David has since created a detailed maintenance schedule and budgeted for recurring upgrades and unexpected expenses.

His advice to first-time buyers: don’t let excitement override due diligence. “Owning an aircraft is rewarding, but it’s also a commitment—financially and mentally. It’s not just about flying more. It’s about becoming your own operator, and that means stepping up your game in every area.”