by doing something in my life that makes me a lot of money.
steve
slyfox
model IV 1200-flying
912uls
IVO medium in-flight
RV7A-flying
IO-360
constant speed prop
Keep in mind that if you do finance it the lender will most likely want you to carry full insurance on it, mine did. That added an extra $1200 per year.
I did the pay cash for what you can when you can method. Just make sure avionics are the last thing you buy as these are always getting better.
Also if anyone ever asks how much your homebuilt airplane costs, just tell them "All of it."
John Grueter
N188LR
Kenosha, WI
Series 7 Super Sport - flying!
I'm guessing he means after it's flying, but you're still paying on the loan.
I'm a strong advocate for not taking on debt to finance toys. That said, don't judge people harshly for considering financing a kit. It's probably a more sound financial decision than financing a car in terms of depreciation of the financed asset. You might argue that a car is necessary in most places to get to work, etc. But if you financed more than a couple thousand dollars worth of car, it is way more than what you need just to get around.
Since I started flying in 1995, aviation has increasingly become the domain of only the wealthy, and it's a shame. If someone can build a kit while they still have years left to build and fly it, but has to make a deal with the devil (finance company) to do it, then so be it. Sometimes bad financial decisions aren't necessarily bad life decisions. Let's face it, spending this amount of cash on a toy isn't exactly a wise financial choice.
--Brian
Flying - S7SS
Likely.
I agree, I hate debt. I looked at financing options for a while, but it just didn't feel right. In the end I decided to sell my truck to get the last bit of cash I needed to fund the project. Lucky (or unlucky) for me I live in SoCal and can ride a motorcycle daily, which is plenty for 95% of my needs. A motorcycle is way more economical than a truck, that's why I decided to keep the bike and sell the truck.
I'll work on getting another 4 wheeled vehicle when the project is flying!