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Which would you rather own?

1961 Cessna 172

Brand Spankin' New RV-7A

For me, this is a no brainer.  The final cost of an RV-7 will probably come out to be anywhere between $50,000 – $70,000.  This same amount of money could be used to buy a 25+ year old Cessna 172 or Piper Cherokee.  The RV will be much faster, have a new engine, and the latest avionics/instruments.  The old Piper or Cessna will be slow, have old “steam” gauges, and the engine will likely be very close to being in need of an overhaul.

Buying an airplane would give me the instant satisfaction of being able to fly right now.  Building the RV may take 5-10 years or even longer, but I’ll know every nut, bolt, rivet and wire in it.  All maintenance and annual inspections on the purchased aircraft will have to be done by an A&P.  With a repairman’s certificate in hand, I can do all maintenance and perform annual condition inspections on my own in the RV.  This alone will save a lot of money in the long run. 

Another way to look at this:  You are planning to buy a car and have $60,000 to spend.  The dealer shows you a 20 year old Ford and a brand new Ferrari.  For some reason, both of these cars cost the same amount.  Which one are you going to spend your 60K on?