Originally Answered: How To Convince Parents To Let Me Buy A Plane?
You sound like you are a GREAT well rounded, focused, young adult. I think your goals are amazing for someone your age, and it appears you have done your homework on the financial end as well. Have you showed your parents the plan to pay back the loan? Remember convincing parents is not the easiest task to accomplish, what you need to do is find out what their concerns are. I am not sure of your families financial situation is, but, with the economy the way it is times have become a little harder for everyone in one way or another. They may want you to save that money for college, a car, or have savings built up in these uncertain times. They may be concerned, what if you change your mind about flying, your only 16 and even though it is a passion (obviously you don't take lightly) and are very dedicated to, you wouldn't be that first teen in history to want to do something else. You need to look at what your getting for your money as well... you said you "SHOULDN'T" have to shell out $450 for 3 hours, well guess what if you want to fly you do. You make enough money a month to afford 2-3 fights depending on what your other monthly expenses are. To take out a loan for 8000.00 + 135.00 per flight is really not saving you much in the long run...example you can take 10 flights (30 hours) @ $450 = 4500.00 verses 10 flights @ $135.00 + 8000.00 = $9350.00 you don't even start to save any money until you take your 26th flight...26x450= 11,700.00 -v- 26x135+8000=11,510.00 and that does not include interest on the loan which can be as high as 26% that's another 2,080.00 even if you found a better rate say 1/2 of that 13% that's still 1,040.00 which is 2-4 reg flights @ 450.00 Then you have to consider what if the plane you buy into needs repairs and can't fly, you are paying for something you can't even use, and may even be an additional expense to you if you have to help pay for repairs. It sounds like a good deal at first but it's really not, stick with the 450 for 3 hours, it is less in the long run. Your parents know whats best, with age comes wisdom, and be grateful they even let you take flying lessons, some parents won't even let their sons play football because they think it's to dangerous!!! I just give you kudos, kudos, kudos, at 16 you have some what restored my faith and trust in your generation...at least I know there is 1 (you) out there with ambition, goals, and common sense. Good luck, with your plans on becoming a Commercial Pilot, and when you do you can afford to buy your plane outright, then you can fly your parents anywhere in the world... as a BIG THANK YOU for saving you a lot of money, not letting you possibly ruin your credit at 16.