The costs of owning a Cessna 172 - 8 things to consider before you buy

Purchasing a Cessna 172 can be a good investment. Cessna 172s can maintain their value or even appreciate in price over time. Buying as opposed to renting a Cessna 172 could make the most sense for some pilots. When in the market for a Cessna 172, the following expenses must be considered. Sale price The sale price of a Cessna 172 differs immensely based on many factors. The age of the aircraft is one of the biggest factors controlling the price tag. Newer Cessna 172s can cost upwards of $400,000 while older models can be found for prices as low as $75,000. The avionics installed, time since last engine overhaul, and basic condition of the aircraft are other factors that contribute to the price of the aircraft. Insurance Aircraft insurance varies amongst pilots. Typically, pilots that have more certificates and ratings, flight time, an instructor certificate, and no history of accidents or incidents are offered the lowest insurance premiums. Insurance costs increase for Cessna 172s that are used for flight training. An owner can expect $250-800 a month for insurance expenses. Hangar space Hangar rent varies greatly amongst cities. Hangars at airports located in rural, Midwest cities can be found for as low as $150 a month. Locations where hangar space is hard to come by, a spot for a 172 can go for upwards of $600 a month. The demand for aircraft hangar space varies greatly across the United States. Typically, the further out from a major city, the cheaper the rent is. Some states have a lot of general aviation demand and these states drive up the hangar rent, such as Florida and Arizona. Annual maintenance inspection Aircraft owners must save for the annual inspection every year. This inspection varies in price across the country. It is safe to set $1,500-5,500 a year aside for an annual inspection. The annual inspection is required for all general aviation aircraft. 100-hour inspection If the aircraft will be used for flight instruction, then it will need a 100-hour inspection after flying every 100 hours. This inspection can go for $1,000-4,000 depending on the maintenance shop. The 100 hour is the same inspection as an annual, however, an authorized Aandamp;P has to do the annual inspection. This authorized mechanic has inspection authorization, "IA", on their mechanic certificate that is given by the Federal Aviation Administration (FAA). Overhauls Routinely, the engine and propeller must be overhauled. This is a big expense but only needs to be done roughly every 2,000 hours of flight time. The Engine overhaul cost anywhere from $20,000-35,000. The propeller can range from $2,000-4,000. If an owner puts 250 hours on the 172 a year, it would be smart to put roughly $400 aside each month for routine overhauls. Fuel and oil The monthly cost of fuel and oil depends on how often the owner is flying the aircraft. AVGAS runs for about $6 a gallon. A Cessna 172 burns roughly seven gallons an hour. At this rate, a pilot can expect $42 an hour for fuel. A quart of oil is also needed roughly every 10 hours of flight time. A quart of oil is roughly $10. Oil change In addition to putting a quart of oil in the engine every 10 hours, oil changes are also required. Oil changes are needed every 50 hours. It is important to have a new oil filter installed during the oil change. An oil change is roughly $300.RELATED STORIES:Choosing your trainer - 3 big advantages to training in a Cessna 172What you need to know - Cessna 172 emergency procedures5 reasons the Cessna 172 is the best Cessna for beginnersThe 7 differences between a Cessna 152 and Cessna 172 Owning an aircraft isn't cheap. Maintenance is the biggest routine expense. Partnerships and flying clubs are becoming more and more popular for those wanting to own a Cessna 172 and share the monthly expenses amongst other pilots. The great thing about owning is that used Cessna 172s are known to hold their value and even appreciate at times. These expenses are important for prospective owners to keep in mind when in the market for a Cessna 172.