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a combination of determination, self-confidence, and leadership. But, each remembers the days when they ate oatmeal twice a day because that’s all they could afford. They remember rolling their windows up and down with a crank in their vehicle. They probably drove that piece-of-crap truck for way too many years. They still turn off lights when they enter or leave a room, and they remember the actual date when they paid off their mortgage.
Most SETP owners earned their money and are very skilled at quickly processing information, assessing value, and appreciating the benefits of efficiency. If you are reading this, you are, by definition, efficiency-minded. You know how to extract the last drop from the fruit, and this is a good thing.
I receive many phone calls every day (and I cannot thank my clients enough for making my phone ring!!) from people who have achieved the level of success where they now wish to throw down seven digits to buy a magic carpet to take them to their desired destinations. They overcame the odds for decades, making small deposits to this day on a daily basis. These small deposits consist of a combination of steady management of their finances, regular flying and the habitual advancement of their aviation credentials. They have been dreaming of the day they can responsibly suck, squeeze, bang, and blow with gusto.
But all of this leads to the critical questions. Moving up is natural inclination for most people, but is there a place where you should step off the “move up” train? Is there a place where enough is enough? Should you move into the jet world or stay in the SETP world?
One can move up too far, reaching beyond your financial comfort or your aviation ability. And, it is not uncommon for the owner-pilot to recognize the advantages of the SETP world after having “stepped-up”. Some move up to the jet world and some then return.
I estimate that 80% of my calls from clients are in relation to them contemplating the sale of their existing airplane to “move up” in aviation. That means the remaining 20% of my calls are from someone who wants to move down. And, invariably, the reason they want to move down is because they have experienced the pitfalls of moving past the SETP world into the jet world and/or the type rating world -- and the pitfalls ate their lunch.
The bottom line is that a jet is a very costly asset to own and operate. The maintenance cost jump from a SETP to a jet is significant - I would even venture to go as far as to say that it is exponential. Let that sink in. “Exponential” is a big impact word. Jets, especially if there are two jet engines on that airplane, will get you there faster at higher altitudes - but you will pay a steep price for that incremental speed and altitude.
Speed is truly an exponential consideration. Aerodynamically speaking, you are paying to overcome parasite drag. Parasite drag (the specific types being interference drag, skin friction drag, and form drag) doesn’t provide you anything positive in return. It is simply the
cost of hurling an object through the air, and the penalty goes up exponentially with increased speed. It is named appropriately, as it attaches itself to your wallet and consumes. Speed is sexy, alluring, and really nice when you have a long way to go...but it is exponentially expensive.
If you own a plane and think before you start the engine, “This is going to cost me a lot!” you do not have a healthy relationship with that plane. You want to own an airplane where you don’t really think about the cost of operation. You want to own an airplane where you don’t mind walking up to the FBO fuel counter and saying, “What’s the damage?” Almost without exception, there is a significant difference between the cost of a fill up in a SETP and anything with a type rating. Unsung reason number one that SETPs are great...they really are an efficient way to burn jet fuel.
But wait...there’s more potential unpleasantries to jet ownership. If you are flying a jet, you must earn a type rating. And type ratings are not handed out to the highest bidder. You can’t (or should not be able to) buy a type rating. You must earn a type rating. To earn a type rating, you must take a practical test, a checkride. This is not just a training event that ends with a training certificate; this is an actual opportunity to fail. You’ll endure a 10 to 20-day initial training course, receive an endorsement by a CFI, and take a checkride with a Designated Pilot Examiner (DPE) who is well-versed in failing those who don’t meet ACS standards.
A DPE doesn’t care if you pass or fail. They are thick- skinned alligators who can say “no” to their mothers, fail their best friend, and smile and hand out a pink slip to anyone who “has a bad day” in the cockpit. And you’ll pay a princely sum for the pleasure of having a DPE show up for your big day. They are in high demand and are at the top of their game. I’m one of those DPEs...I am a DPE who can issue type ratings for the Beechcraft King Air 3XX series and the Embraer 120, and I have failed many applicants who didn’t realize that a type rating is a different animal. Remember, all type rating check rides must be passed at the ATP (Airline Transport Pilot) level with more narrow standards, even if the pilot is a Private or Commercial pilot applicant. And financial woe to the person who fails the checkride. Setting aside the embarrassment and the resultant logistical nightmare to reschedule, the costs soar because the additional simulator and training are very costly.
And you ask, “Simulator”? Yes, a real simulator. Not an Advanced Aviation Training Device (AATD) like you may have experienced in the PA-46 and TBM world. In the PA-46 and TBM AATDs are not useful for anything related to interfacing with the ground (no takeoff or landing practice should occur), the control forces (the “feel” of the controls) are not like a real airplane, and the experience is a loose version of flying. An AATD costs about $400k to buy and nearly nothing to operate. A full-motion Level-D simulator is what is found in the jet world, and they cost upwards of $35 million to purchase, and they have a maintenance team to keep them running. There’ll never
October 2024 / TWIN & TURBINE • 7