Good question. The simplest answer is “Time”. I can drive, walk, swim, crawl, or ride a horse to get where I need to go, but it is the time that I save on an airplane that matters most. Whether you are flying private or on an airline, it is still about the time. Airplanes are complicated pieces of equipment. The average person doesn’t have a clear concept of the multiple systems involved in the daily operation of an airplane: engine, avionics, controls, hydraulic, environmental, etc.
Yet, with all these complicated systems, “Cost” is the confusing factor that drives owners and operators crazy! Like any other technical machine, an airplane requires maintenance. This maintenance is usually performed in a couple of ways: 1. Preventive, meaning that maintenance is performed on a normal schedule usually based upon hours of operation— (here we are back to “Time”), or 2. On condition, meaning that it will operate until the degradation of major systems occur. Don’t be alarmed! This is mainly on larger aircraft, and the level of tracking and system monitoring is very extensive.
The one constant across aircraft ownership is the expense of engine maintenance, and language heard from the engine shop is often confusing. I am told that my engine is out of “Time” and it needs to be sent to an engine repair facility. In the corporate or private operator environment, the average owner will only experience one engine maintenance event.
This is where the confusion begins.
The owner will receive a number of quotes to repair, or “replenish the Time” on his engine. These differing initial quotes to perform the same service could vary by 50%. You see, in the world of preliminary quotes, different engine shops take on varying selling strategies. The first could be to only show the up-front known costs, while the second could be to show the historic average of what the engine repair will actually cost when you write the check. Generally, the “out the door” number will not vary greatly between repair shops.
Since you are now out of “Time” for your “Time Machine,” you make a decision and send the engine into the shop for repair. You are happy that you don’t have to think about confusing quotes and acronyms anymore, but that euphoria quickly wears off when you get the final quote. For the past several years now, your “Time Machine” owning buddies have told you about the engine costs, but unless the bill is presented to you, it doesn’t hit home. Now you have been hit. As mentioned before, most owners only go through one engine maintenance event and therefore don’t have a baseline understanding of the engine maintenance costs. The numbers pre-COVID increased only in the 3% range. Since that time, annual double-digit increases have become the standard. Most of the appraisal or valuation services have not caught up with current engine maintenance costs. You have a number in mind—let’s call it $250,000 for the overhaul of your turboprop engine. Right or wrong, you probably have this in mind from either a pre-induction quote, picked it up from appraisal services, or perhaps you heard it from your FBO.
The actual bill is now more likely closer to $500,000 PER ENGINE! Holy cow! “Time” just got a lot more expensive. Well, surely this can’t be correct. My initial quote was far lower, and the shop wasn’t telling me this number. How much longer am I going to own this airplane? Don’t I also need to get my avionics upgraded? What about the interior and paint? (Don’t get me started on these costs.) Look, I only want to get to the beach with my family or visit my customers. I’m not trying to pay off the national debt here, but I still have my original problem…
Time.
I guess that I can sell my airplane for salvage value and book business class tickets on the airlines. Those costs, and more importantly, availability, might be a shock. Over the next 5 years, there is projected to be a 2,000 commercial airplane shortage. What is your time worth in seat 22B?
I used to think that I was a smart guy, or at least semi-smart. But now I am running out of “Time”. Insurance is due, hangar rent doesn’t go away, and my airplane is sitting with big holes in the wing. Engines are at the shop, and they are questioning me daily on when I am going to wire money. It now feels like I should have partnered up with the “Nigerian Prince” looking for safe haven (old guy reference to letters we all received in the 1990s).
OK, let’s regroup and rethink. My “Time Machine” needs engine time. Wouldn’t it be great if there was a way to match up the time I need to operate my airplane with time on the engines that doesn’t break the bank? Using vague recollection of my college days and AI—mostly AI, I can see that my $1 million investment in engine maintenance would be worth $1.216 million in 5 years (4% annual return). That pays for a lot of avionics, paint, interior, or engine time. Engine time? What if I leased or purchased annual engine operating “Time”? Makes sense, since my “Time Machine” needs “Time”. I wonder, how I can get this done? What about the timed-out engines? How much does it cost a year? Is this a get out of jail free card in order not to have to think about engine maintenance?
There is a new company in the industry offering a solution to such a problem. Time Flies Aviation or TFA offers turnkey block-time engine programs designed for operators who want the performance of ownership without the burden of managing complex engine maintenance. Founded to serve Part 91 and Part 135 operators, TFA provides access to high-quality, serviceable engines through flexible lease programs that include 150, 350, or 550 annual operating hours. Each program is backed by full maintenance support—including inspections, overhauls, SOAP analysis, and technical tracking—so you never have to worry about surprise downtime or unexpected repair costs. More information about TFA can be found at tfa.aero or by calling the TFA President Mark Richardson 419-376-8081.
