Tool helps pilots determine true cost of plane
May 13, 2011, 11:06 am
For those who have just stepped into the foray of aircraft ownership, some may be unaware of the "hidden" expenses a plane can carry. Though these expenses may be common knowledge to seasoned pilots, it is important for new plane owners to think about the extra expenses associated with their plane in order to determine if they can truly afford it, according to General Aviation News.
The source says a new product has been released, called AircraftCostAnalysis, which can help pilots consider the total cost of purchasing, using and maintaining their aircraft.
The program includes hidden factors such as annual inflation rates, and can consider cash flow of an aircraft versus potential cash flow of trading it in, as well as flying hours required to break even.
As the cost of owning and operating an aircraft includes a number of different factors, it is possible for pilots to pass away with a significant amount of debt - particularly those who die prematurely in a fatal aircraft accident. Life insurance for pilots is essential coverage that can help a grieving family manage some of the debts that a pilot may leave behind.
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