Question: I’m a student pilot about to get my PPL in October. I will be starting my IFR training soon after that. I want to go all the way to CFI to teach new pilots how to fly to fill the pilot shortage coming up. My question is how to do this as economically as possible. I’m considering buying my first plane after IFR training is finished to build my hours to get my commercial rating then my CFI. Just wondering what options I have to do this.
Answer: Buying an aircraft can be a cost-effective way to build time towards advanced ratings. Depending on the age, make, and model of aircraft, there are different options available. On a primary training aircraft such as a C172 we would expect 10-15 year terms with rates between 6% and 7%. Say you want to borrow $30,000, the monthly payment would run around $260. Other costs to consider would be operational and maintenance costs, upfront acquisition costs, and insurance costs. AOPA has many great online resources dedicated to educating first-time buyers.
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