| Both, right? But which ends up taking more from | | | | plowed so you need to purchase a 4-wheel drive |
| your savings account?In an effort to keep more | | | | truck to make it through the winter. |
| of our hard-earned money we tend to make our | | | | Now how about that newer, "more expensive" |
| purchases based on price alone. If something's on | | | | home? Well, your taxes are a bit higher, but your |
| sale, we determine it's a better value. We | | | | kids are in great schools and will be able to attend |
| compare similar items and buy the one with the | | | | a top college. Your utility bills are really reasonable |
| lower price. Are we fooling ourselves? | | | | because you have a high efficiency furnace, |
| Price: The amount it takes to purchase the item in | | | | plenty of insulation, a 30 year roof and brick that |
| the first place | | | | never needs painting! Your water doesn't taste |
| Cost: The amount we put out to own the item | | | | like iron and doesn't depend on an electric pump |
| over the course of its lifetime. | | | | to flow. If anything fails, you rely on your home |
| Let's assume you can purchase an old farm house | | | | warranty to take care of the problem. |
| with plenty of charm for half the priceof a | | | | So which sounds like a better value? Which home |
| neighborhood house in the city. You saved money | | | | is easier on your pocketbook? This same scenario |
| . . . right? Well, if you bought the quiet country life | | | | applies to just about everything! Boats, |
| and fresh air, it really doesn't matter. You became | | | | automobiles, and yes, even airplanes! So often, |
| the owner of the lifestyle you were seeking. | | | | the cheaper plane may be easier to acquire, but |
| However, if you think you saved money, you | | | | much harder to hold on to. Maintenance costs can |
| might want to think again! You've probably | | | | not only keep you grounded but can cost you a |
| watched the 1986 movie, "The Money Pit" with | | | | bundle in repairs and the costs associated with |
| Tom Hanks and Shelley Long. Do you think this | | | | being inconvenienced. If you're flying home to |
| inexpensive farm house could actually cost you | | | | Michigan from Airventure 2007, the cost of a |
| more to own than the more expensive home in | | | | failure will include not only the cost of parts and |
| the city? | | | | labor, but also the rental car, hotel, and food to |
| Of course it can, and it probably will! | | | | get home. And don't forget, double your costs |
| The roof needs repair, the plumbing is leaking, the | | | | because you have to go get your airplane in |
| paint is peeling, the foundation iscrumbling, the | | | | Wisconsin after the repairs are complete! Can a |
| porch is leaning, the appliances are old and gobbling | | | | new plane have a failure? Of course, however it's |
| electricity and the furnace runs constantly just to | | | | much less likely and your plane is covered by a |
| keep up. Just when you think you've replaced | | | | two year "spinner to tail" warranty. |
| everything in the house, the well goes dry! The | | | | Remember, the cost of the plane is not what you |
| amount of money you spend each month is | | | | pay for it. The real cost is the amount you spend |
| actually more that what you would have spent on | | | | to fly your plane each hour. And yes, there are |
| the new home in the city. In addition, your kids | | | | "money pits" in aviation too! |
| aren't in the top schools and your road rarely gets | | | | |