How'd you fund your Kitfox?

[mtTundra]

Greetings all,
I'm new to aviation, working on getting my PPL currently.
a couple buddies and I have settled on building a couple of kitfox's over the next couple years, while I build time and ratings.

What got me thinking was, how have those of you who've done it funded your build?
I know you can finance a finished plane, but a kit seems to be a little harder to do. Did you finance the kit? Sell an extra car or other toys? Cash our refi on your house? Pay Cash?

Just looking for ideas on how you've done it. Considering the kit plus engine is likely to run ~80K by the time you factor avionics, engine, plane kit, etc.

Not looking for boasting or starting a debate on which way is 'best', just looking for advice on methods or sacrifices you all have made to get there.

Cheers,

Matt

[aviator79]

I paid cash, and I have definitely run over budget. I'd say $80k is a decent budget. But if you want all the bells and whistles, it goes north quickly.

EAA's financing partner, NAFCO will finance your build. The value of your kit crashes when you take delivery, and doesn't really recover until you finish building. Only about 25% of new kit builders (all types, not necessarily Kitfox) finish an airplane kit. Because of this, it's a risky loan for the lender and the terms aren't great. For the kit, I was quoted 20% down, and 7.6% for 10 years, with a balloon at 3 years. When you're ready to buy firewall forward, they would have refinanced the loan into 5.73 to 6.07% for 5-15 years. This structure really reflects the risk profile of the loan. Given these terms, I elected not to finance.

[jiott]

Bought the wings first, then the fuse, then the engine &FWF, and last the avionics. It spread out the cost over 2.5 years.

[jonstark]

Cash.
Just don’t attempt to justify the expense.

[Shadowrider]

Matt don’t take this the wrong way, and I don’t make much, but I am not a believer in going into debt. Start saving and only buy what you have money for.

[efwd]

Does Divorce count?

[mtTundra]

Does Divorce count?

Depends... was the plane a factor in the divorce? That would be good intel to have prior to placing my order lol.

Matt don’t take this the wrong way, and I don’t make much, but I am not a believer in going into debt. Start saving and only buy what you have money for.

I completely agree with this. Just trying to get a idea of what people have done.

Cash.
Just don’t attempt to justify the expense.

Oh I'm only trying to "justify it" to the wife... I have 0 delusions about burning the money haha.

Bought the wings first, then the fuse, then the engine &FWF, and last the avionics. It spread out the cost over 2.5 years.

Thank you, this is probably what I'll end up doing as well. Piecemeal seems to be the best option for me. I could swing at the kit itself, but would take a few years to replenish my reserve and I'm a fan of keeping a safety net.
The Avionics and Engine are the scary bit as about the time I get my savings back it'd be time to throw down the expensive part, and having a complete air frame would be a huge incentive to just finance the engine to get it done and start flying it.

Thank you all for your responses.

[efwd]

Nah, that's a bit tongue in cheek. My ex is good people. She is like those wives some have spoke about here who support a build as she did 16 yrs ago with my RV4 project. Divorce certainly helps on the time commodity though.
Save, Save, and Save some more. Drive 20 year old cars and buy houses that don't cost you your entire pay check. Living with a Kitfox is far better than living with an extra 1000-1500 square feet you really don't need.

[t j]

I married a rich woman.

[mtTundra]

You sir are smarter than I.