Airplane ownership is at turns glorious and intimidating. Combining the thrill of having your own chariot of the sky with the broad financial responsibilities of maintaining a complex piece of machinery, airplane ownership is not for the timid or weak of will. (Nor is it for the spendthrift, at least for the long term.) Nothing relating to an airplane is cheap, it seems-- although, properly utilized, that airplane can make ownership a sound fiscal proposition. By far the greatest incentive to owning is to escape the rental pool.

We've all been there, seen this: marginally maintained airplanes flown by an unending stream of uncaring pilots who will think nothing of leaving old sandwiches under the seats and thrashing along in cruise with the engine running like a greyhound after the mechanical rabbit. It's hard to stay enthusiastic about rental flying when faced with a sea of cracked plastic or overhearing a briefing-room conversation about how "Old Nine-Eight-Kilo took a real pounding today...."

Perhaps the most popular alternative to saddling up some FBO's tired old mule is to join a flying club. At the outset you should know that the complexion of flying clubs encircles the color wheel. Some, with large fleets of airplanes and bustling "club" rooms, look, smell, and feel a lot like traditional FBOs. Still others, perhaps with but a single airplane on the roster, may be extremely informal, where you know the owner of the airplane and the other members on a first-name basis. A good many flying clubs are started by like-minded pilots seeking to own more airplane than their individual budgets would allow, most often to very good effect.

At the root of the flying club is a business construct different from that of normal commercial rental organizations. Typically, an FBO enters into leaseback arrangements with individual airplane owners. In order for the owner to cover the basic costs associated with the airplane, the airplane needs to fly a certain number of hours per month and has to command a certain price. That much is obvious. However, the FBO is in business to make money, too, so there's some additional revenue that must go to service the FBO's overhead. Further, it's likely that a full-service facility will have a maintenance shop to perform most or all of the work on the leaseback airplane; the FRO expects to make a profit on those services as well. The bottom line here is that the renting facility is in business to make money, so the cost to the consumer tends to ratchet up from the true cost of owning and operating the airplane. Finally, an FBO is unlikely to limit the number of renters or students; every warm body means greater utilization and income.

Does this mean that all FBOs are essentially gouging? Hardly. A great many operate the airplanes at an absolute minimal markup, instead relying upon fuel sales, maintenance work, tiedown income, and other sources of revenue to keep the lights burning. Ask the manager of any small FRO if he's getting rich, and he'll point to the Chevy in the parking space where he'd like to have a Mercedes.

Flying clubs are formed on the basis of operating in the nonprofit mode; that is, the club charges just enough to cover the costs of running the airplane-- usually including fuel, insurance, maintenance, reserves for routine inspections and engine overhaul, and a small "oops" fund. There's usually nothing on the pile for profit-- the gradually appreciating value of the airplane itself helps ease the pain here-- so the overall rental prices tend to be lower.

How much lower? An informal survey of aircraft rental prices from conventional FBOs compared to larger flying clubs concluded that the differences are all over the board, from about the same to as much as 30 percent less. Rent at some well-run small flying clubs with maintenance involved owners and simple airplanes is almost half what a typical FBO charges. Because the pricing is so regional-- and also dependent upon the local supply-and-demand forces-- you'll have to shop around in your area to see how the fying clubs stack up.

Flying clubs typically charge a nominal monthly membership fee, and many have larger (in some cases nonrefundable) initiation fees, too. These fees also occupy a wide range, from the truly nominal-- like $15 a month for larger clubs run more like FBOs-- up to whatever figure the club members feel is necessary to meet the monthly fixed costs and set-asides. It's also important to understand that some flying clubs are designed so that new members become full partners or co-owners of the airplanes and other assets-- although it's not exactly true that you can consider any of these assets liquid, Still other flying clubs have formed the co-ownership of the airplanes and equipment among a core group, and the membership fees merely buy you access to what the club offers (AOPA has an excellent treatise on flying clubs available on the Web site: www.aopa.org/members/files/zips/club.txt).

Taken as examples of the broad differences in flying clubs, consider these two: West Valley Flying Club, based in Palo Alto, California (with another facility at nearby San Carlos), and Ray's Flying Club, with airplanes positioned at the Long Beach and Fullerton, California, airports.

West Valley is an astonishingly clean and active club with a wide range of airplanes. Beyond the usual assortment of Cessna 152s and 172s, Piper Archers and Warriors, the West Valley fleet encompasses a pair of Grob 115s, a trio of Diamond Katanas, a Grumman Tiger, and a pair of Mooneys-a 201 and a 231. Also on line are several tailwheel airplanes and three twins-- two Beech Duchesses and a Piper Turbo Seminole. All told, there are more than 60 airplanes on the West Valley roster.

Walk into the main offices and the scene is right our of a very busy FBO. Students and instructors mill about, discussing lessons and the usual pilot stuff; young faces behind the counter show eternally optimistic expressions, while the background din suggests nothing more than the meshings of a well-oiled machine. If you didn't see the sign at the door, you might think it was a big FBO or university flight school.

But there's another aspect to it. "We try to encourage a social atmosphere around here," says Ann Elsbach, West Valley's preternaturally enthusiastic air boss. "It's important that students, pilots, and instructors all feel comfortable here, part of a family." As part of that, the club sponsors at least one safety seminar a month, free to members, to encourage education and the social aspects of flying. Moreover, West Valley prides itself on having topnotch flight instructors. "we pride ourselves on having a rigorous screening procedure for flight instructors, even though many of them come from within our ranks," says Elsbach.

Ray's Flying Club is closer to the small side of the spectrum, although with six airplanes and 190 members, it's hardly what you'd call miniscule. According to Tom Polley, one of two principals (the other is Walter Farra), the purpose of the club's formation four years ago was to provide to Los Angeles pilots good, inexpensive airplanes, along with a social experience. "We really stress the camaraderie aspects. Every other month we have barbecues, and [we] frequently put together fly-out functions to involve as many of the club members as possible," says Polley.

Four Grummans populate the Ray's line-- -an AA-1A Trainer, a TR-2/AA-1B, an AA-5 Traveler, and an AA-5A Cheetah-- along with a Cessna 172N. Soon to come is a Beech Sundowner and, as soon as the club can find one, a retractable-gear single. And while the social aspects of club life may seem appealing, it may be the prices that nab most pilots-- the two-seat Grummans start at $36 an hour, wet. There are currently no monthly dues, and a very reasonable $25 initiation fee; block rates can be had by maintaining a $200 balance on account.

So you've decided that the flying club is the avenue of choice-- what should you be looking for?

For starters, make sure that you understand in detail how the club is organized, where your money goes, and what rights your fees have purchased. You should be able to see a copy of the club's charter. If you are buying into a club that makes you a partner in the assets, be sure that you have a title search run to ensure that any investment you make is properly secure. Also make certain that the terms of the co-ownership are clear to you, and that you are not paying 25 percent of the value of the airplane to really own, say, 10 percent of it.

Ask to have a written breakdown of any fees required by the club. Is there an initiation fee? Is it refundable for a certain period of time? Are there penalties (or incentives) for flying frequently? How is the hourly cost attributed to the airplane-- what percentage is given to maintenance or engine reserves, for example?

Next, take a look at the airplanes. No matter how much you like the club's personality, it's the metal that'll move you. The airplanes should be clean and in reasonable repair. You should not see scores of instruments missing or labeled inop just because the club's too cheap to fix them. The paint should be in good shape and the engine should not be too far past TBO-- in fact, if you are joining a club with high-time airplanes, find out if the money is available for immediate overhaul or major repair. There's nothing more frustrating than to join a club, only to find out that the airplane most attractive to you is ready for an overhaul but the budget is not.

Most clubs that offer flight instruction will have the airplanes on the required 100-hour-inspection routine, but it pays to double-check. In general, you should be trying to determine up front whether the club's maintenance and repair practices match your own expectations. After all, some pilots are perfectly happy flying cosmetically challenged-- but mechanically fit-- airplanes, while others demand the next best thing to perfection. Make sure that the club is in alignment with your own needs and preferences.

Meet the members. Because joining a flying club is more like gaining new tennis partners than performing anonymous business transactions, it pays to spend some time with the members to see whether you fit. For many pilots, the camaraderie aspect of the flying club is the strongest draw. To meet like-minded pilots, share war stories, and gain knowledge from the experiences of others is the rich fabric of clubhouse life.

Among the membership, try to determine if the club is populated with mainly weekend flyers, or if the majority are Monday-through-Friday business travelers. You should try to fit into any voids common on the existing schedule-- that is, if you anticipate mostly weekend jaunts, try to join a club that has a lot of weekday users.

Understand how the scheduling is performed. Larger clubs will have computerized scheduling. West Valley's, for example, is remotely accessible, so you can tell before you leave the house whether your chosen airplane for the day has gone into its 100-hour inspection. Smaller clubs often rely upon voice-mail services to handle scheduling requests that are ultimately marked down on a good old-fashioned calendar. Usually, the smaller club is a better bet schedule-wise, because you have a better chance of getting the airplane you want when you want it. As a rule, smaller clubs should have no more than 10 active members per airplane-- but understand that's active members. A club with, say, 100 members, might have only 30 or so regular flyers. On your visit to the clubhouse, sift through the schedule book a week back and a week forward to get an idea of how quickly the roster fills.

For most pilots, the fit of any flying club is obvious within an hour of stepping into the clubhouse. Because personality and level of activity play a big role in the complexion of a flying club, it's vitally important that you feel comfortable there, among friends who share a common interest in flying.