Blog #5: The costs of a gyroplane

So you're thinking about acquiring a gyroplane but are unsure what the costs are? You've come to the right place. Let me break it down into its constituent components; these are the cost of acquiring one, the annual costs you can expect, and the variable cost you'll see per flying hour.

Purchasing costs:

New.

Gyros come in three main configurations, all of which are two-seaters. These are:

1. Open-cockpit tandem (one seat in front, one behind) - most intense experience

2. Closed-cockpit side-by-side - more relaxed, best for conversation, for training and for more nervous passengers

3. Closed-cockpit tandem - fastest, looks the coolest.

Depending on engine choice and avionics selection, the costs of each range from less than $150k to around $200k, so budget for this. Compared with other forms of two-seater aircraft equipped with equivalent engines and avionics, gyros are a bargain. Check out some of the new fixed-wing planes with Rotax engines and Dynon avionics if you want to see - typically they range from $350-500k.

Second-hand.

It is possible to buy second hand, but pilots tend to hang on to gyros so good ones are relatively rare. If you can find one, they vary from $75k up to as much as a new one.

Gyroplanes depreciate very slowly when looked after and well maintained, so the second-hand values stay high. Note that I'm talking here about Magni Gyroplanes. There are of course other manufacturers, and it's also possible to buy a gyro that someone built in their garage for less than $20k. I would strongly advise against this. Although flying them is straightforward, the aerodynamics of gyroplane flight are complex. Designing and building a gyro that behaves well with good handling over all conditions is best left to the experts. Magni is the best manufacturer of gyroplanes and has a stellar reputation. They are not the most expensive, but for several reasons, they are the best (talk to me for details).

Shared.

Probably the most practical way to own a gyroplane is to share it with one or more other like-minded pilots. You probably won't be flying every day so shared ownership is a great way to reduce both the up-front and annual costs. I've owned gyros with partners and it's worked out really well.

Fixed annual costs:

Once you have your gyroplane, you will find that there are costs that come around each month/year regardless of how much you fly it. The main items here are:

1. Hangar rental - it's always best to keep your gyro in a hangar, out of the elements. Although it carries cost, the gyro will last much longer and be ready to fly much sooner than if you have to strip off coverings etc. Gyros benefit from the fact that they take up little space so it's possible to fit several into a single hangar (I know one with 6 in!) or you can often fit in alongside other aircraft. This means you can typically find an existing hangar tenant and do a deal to share some costs and space with them. Budget $100-400/month depending on how expensive hangar space is in your area.

2. Insurance - the minimum here is 3rd-party liability insurance covering you coming down on top of something you shouldn't have. Many airports have a minimum coverage required before they will accept you as a tenant. Once you have some flight experience insurance typically costs $1500-2000 a year. If you want hull insurance as well, this is much more expensive, but may be available. (Talk to me if you want more info.)

3. Maintenance - this depends on the age of the gyro, the hourly costs of whoever does it and how much you do yourself. Most mechanically competent people will be able to do a large percentage of this, so the costs can be extremely low. (See below under Variable hourly costs).

4. The Annual Inspection - I separate this out here as typically it must be done by a different, qualified aviation mechanic. Gyros are relatively simple mechanically and many components are easily accessible, so annual costs are usually low compared with other forms of aviation. Budget $1000-2500/year for this.

Variable hourly costs:

This is where the gyroplane really shines. The variable cost per hour for flying is really made up of two components - the fuel, and an amount that represents the wear-and-tear and typically goes into a maintenance fund. If you're sharing, the general approach is: individuals contribute towards items like the future replacement of engines, rotors etc. As this is a function of how much flying each person does, this gets paid for on a per-hour basis, (unlike the Fixed costs above). Gyros consume between 4-6 gallons of fuel per hour. If fuel costs $5/gal, then the fuel is typically $25/hr. The hourly maintenance contribution can be decided by the individual owners but I budget $30/hour. This means the total cost for a flying hour is $55. This is amazingly cheap compared with renting an aircraft or the costs of running an equivalent fixed-wing aircraft.

An example:

Let's take the case of buying a new Magni M16 open-cockpit tandem with good avionics, some optional extras and the top-end Rotax 915 engine. Let's say you set up a group with two friends who want to also fly gyros. Your up-front cost is 1/3rd of the purchase price of $150k, so $50k. For this you can fly it whenever they aren't - certainly at least twice a week. Let's say your one third of the insurance per year is $800/yr and your one third of the hangar rental is ($100/month). If you and your co-owners do the standard maintenance and the annual is $2400 per year, you pay $800 of that. Overall, if you work that out, your fixed annual costs total (800+1200+800) = $2,800 per year or $233/month.

And then you get to go and fly for only $55 per hour of flying time. Compared with other forms of aviation, it's a complete bargain!