Where can I find bank repossessed aircraft?
I am a private Single Engine pilot who aspires to own an private aircraft someday. Like the majority of us, I cannot afford to buy my own aircraft, let alone the cost of up-keep, annuals, tiedown fees, etc. Ultralights are affordable, but not practical for decent cross countries. New LSA, forget it, too expensive. Homebuilts are very appealing, but I want to fly now, not 10 years from now. A lot of used homebuilts seem to cost way too much. I live on a active duty military E-5 pay, so I live and fly cheap. I rent at the flying clubs convenience, which is not always convenient!
I know that occasionally people slip and cannot afford their aircraft. I know repo’s happen. Would a bank repossesses aircraft be cheaper to purchase? What sources can I use to locate one? Is there a decent website, Newsletters, or point of contact I can utilize?
You can do a search for foreclosed aircraft for a fee here – http://www.SeizedAircraft.com
However, If you say that you "cannot afford to buy [your] own aircraft, let alone the cost of up-keep, annuals, tiedown fees, etc." then finding a foreclosed plane isn’t going to help you as you still won’t be able to afford the operational expenses.
Example Operating Costs for Cessna 152:
Fuel (GPH): 4.00
Fuel Costs/Gallon: 2.51
Fuel Costs/Hour: 10.72
Oil Costs per Hour: 1.00
Maintenance Cost/Hour: 19.55
Hourly Engine Reserve: 7.01
Prop T/R Reserve: 1.30
Total Variable Costs/Hour: 39.59
Average Speed (MPH): 105.00
Cost/SM: 0.36
Annual Insurance: 1,477.18
Annual Hangar/Tiedown: 611.13
Training: 179.41
Total Fixed Costs: 2,267.71
Hours/Year: 285.51
Fixed Cost/Hour: 8.40
Total Costs/Hour: 48.00
_____________________________
Total Variable & Fixed Costs/Year = $13,774.82
That’s cost averages out to $1,147 per month you need to put away to cover costs. Also, have you checked on aircraft insurance rates? If not, you should start there to see if you can even afford insurance on the cheapest aircraft you can buy (like a $20K C152 or similar).
If that is still pretty expensive then the best option for you may be to search for an affordable AIRCRAFT PARTNERSHIP, where such costs are spread amongst 2 or more owners.
http://www.aircraftpartnership.com/
http://www.pilotmarket.com/aircrafts/Aircraft_Partnership/index.html
http://www.ipilot.com/classifieds/
Aircraft Partnership (paperback book) by Geza Szurovy
http://www.amazon.com/Aircraft-Partnership-Geza-Szurovy/dp/0070633479
Otherwise you may find you are be better off being a flying club renter.