Do I know what I am getting into / Should I buy a Diamond?
Posted: Mon Apr 18, 2022 3:20 pm
Hi Folks,
Lengthy first post, so thanks for listening and commenting!
Been a lurker for a bit. Nice to meet all of you, this place is a terrific resource!
A bit of background.. I live near Nashville and got bitten by the aviation bug a few months ago along with my 17 y/o son. He decided late last year that an aviation career was for him after a discovery flight and many hours of online research that included a lot of forum reading (even the commercial ones that are basically 100% complaining and sniping, ha).
We decided to take work on our PPL together, but I began by just chilling in the back of the C172 so far, both just to spend time with him, and to keep costs low while we made absolutely certain it was for both of us. We both love it of course. He has around 15 hours and is about to solo, although weather keeps pushing the date.
Since he plans on working through all of his ratings back to back, and should be able to fly much more this summer and into the fall. Plus, he is graduating HS early this coming Dec, so he will also have all of next spring and summer to dedicate to flying before starting college (probably NOT a collegiate aviation degree, because doing that will mean he has to WAIT all the way to fall of 2023 before continuing his ratings past PPL).
All of that is pertinent because one of the ways I hope to defray the costs of getting a new Diamond would be to save on rental costs, especially if compared to the ~205-220/hr wet rates that the DA40 goes for here. I would plan on my son being my CFI, and all of MY training hours being in our own plane. A fly in that ointment is that, with a current delivery date for a new DA40 being next March, he won't be able to get nearly as many of his hours in our plane. We can also have him stay in the $180/hr C172, but I feel a lot better about him being in solo cross countries in a DA40, so that cost jumps at least $25 and hour.
So I have a few questions, and definitely welcome any feedback or comments that you think of not only on my questions, but on anything I am NOT asking or perhaps thinking about.
I'm considering a new DA40. I was at first told to expect about a $625K new price, but from the latest price list, it looks like to option it all out, it would likely be closer to $725K. Perhaps a few things I included are not really needed, but that would actually be one of my questions.. "what" features are truly worth it and which should I leave on the table?
As mentioned, this plane will be our trainer, and also serve as the general "family airplane" for the foreseeable future. It actually won't come close to holding all of my family, as there are 6 of us (two very young kids and another teenager along with my wife and the already mentioned 17 year old), but I certainly can't afford a Da62, or the $55k insurance I was told to expect, yet.
So again the first question is "what options should I look at"
Second - if I am looking to defray the costs, should I look heavily at Diamondshare, or think about a leaseback? Is leasing back such a "nice" airplane a dumb idea? Is the plane going to be truly "beat up" in that environment? If it pays for itself in that scenario, then perhaps its not so bad if the plane is beat up a bit. If its barely going to cover expenses in a typical scenario, plus additional costs related to small repairs that I wouldnt have if I were just me or just me and another DiamonShare member, then perhaps its not worth it. What experiences can you share with that scenario?
The plane insurance world seems all over the place from what I read. I was told to expect 4-6K a year for first time insurance for me as a brand new pilot, and another 2-3K if I name another member. I am not 100% sure what the insurance cost or liability looks like if I were to lease it back to a school.
I would of course plan to hangar the Da40 here locally. We are flying out of Smyrna TN so hopefully I could find a suitable hangar there to lease somewhat long term.
So those are the questions around "what should I get" and "how should I pay for it". Along that note, I dont think I would be comfortable paying for the entire plane myself without SOME kind of cost defray program. Does that mean I simply cant afford the plane, or is it extremely common to need these kind of arrangements to afford how expensive planes have become.
Third.. long term maintenance and upkeep. I understand the 40NG has a !800 hr TBO, correct? And the overhaul would be around $30k? Is that correct? I see complaints about after sales support for Diamond. What is the closest place to me in TN that can adequately perform both routine and overhaul service. Is the overhaul the only time I would have to get the plane somewhere that is hundreds of miles from me?
Ill stop there and get some dialogue. I'm sure more questions will come up. Thanks all!!
Lengthy first post, so thanks for listening and commenting!
Been a lurker for a bit. Nice to meet all of you, this place is a terrific resource!
A bit of background.. I live near Nashville and got bitten by the aviation bug a few months ago along with my 17 y/o son. He decided late last year that an aviation career was for him after a discovery flight and many hours of online research that included a lot of forum reading (even the commercial ones that are basically 100% complaining and sniping, ha).
We decided to take work on our PPL together, but I began by just chilling in the back of the C172 so far, both just to spend time with him, and to keep costs low while we made absolutely certain it was for both of us. We both love it of course. He has around 15 hours and is about to solo, although weather keeps pushing the date.
Since he plans on working through all of his ratings back to back, and should be able to fly much more this summer and into the fall. Plus, he is graduating HS early this coming Dec, so he will also have all of next spring and summer to dedicate to flying before starting college (probably NOT a collegiate aviation degree, because doing that will mean he has to WAIT all the way to fall of 2023 before continuing his ratings past PPL).
All of that is pertinent because one of the ways I hope to defray the costs of getting a new Diamond would be to save on rental costs, especially if compared to the ~205-220/hr wet rates that the DA40 goes for here. I would plan on my son being my CFI, and all of MY training hours being in our own plane. A fly in that ointment is that, with a current delivery date for a new DA40 being next March, he won't be able to get nearly as many of his hours in our plane. We can also have him stay in the $180/hr C172, but I feel a lot better about him being in solo cross countries in a DA40, so that cost jumps at least $25 and hour.
So I have a few questions, and definitely welcome any feedback or comments that you think of not only on my questions, but on anything I am NOT asking or perhaps thinking about.
I'm considering a new DA40. I was at first told to expect about a $625K new price, but from the latest price list, it looks like to option it all out, it would likely be closer to $725K. Perhaps a few things I included are not really needed, but that would actually be one of my questions.. "what" features are truly worth it and which should I leave on the table?
As mentioned, this plane will be our trainer, and also serve as the general "family airplane" for the foreseeable future. It actually won't come close to holding all of my family, as there are 6 of us (two very young kids and another teenager along with my wife and the already mentioned 17 year old), but I certainly can't afford a Da62, or the $55k insurance I was told to expect, yet.
So again the first question is "what options should I look at"
Second - if I am looking to defray the costs, should I look heavily at Diamondshare, or think about a leaseback? Is leasing back such a "nice" airplane a dumb idea? Is the plane going to be truly "beat up" in that environment? If it pays for itself in that scenario, then perhaps its not so bad if the plane is beat up a bit. If its barely going to cover expenses in a typical scenario, plus additional costs related to small repairs that I wouldnt have if I were just me or just me and another DiamonShare member, then perhaps its not worth it. What experiences can you share with that scenario?
The plane insurance world seems all over the place from what I read. I was told to expect 4-6K a year for first time insurance for me as a brand new pilot, and another 2-3K if I name another member. I am not 100% sure what the insurance cost or liability looks like if I were to lease it back to a school.
I would of course plan to hangar the Da40 here locally. We are flying out of Smyrna TN so hopefully I could find a suitable hangar there to lease somewhat long term.
So those are the questions around "what should I get" and "how should I pay for it". Along that note, I dont think I would be comfortable paying for the entire plane myself without SOME kind of cost defray program. Does that mean I simply cant afford the plane, or is it extremely common to need these kind of arrangements to afford how expensive planes have become.
Third.. long term maintenance and upkeep. I understand the 40NG has a !800 hr TBO, correct? And the overhaul would be around $30k? Is that correct? I see complaints about after sales support for Diamond. What is the closest place to me in TN that can adequately perform both routine and overhaul service. Is the overhaul the only time I would have to get the plane somewhere that is hundreds of miles from me?
Ill stop there and get some dialogue. I'm sure more questions will come up. Thanks all!!