The DA62 from Austria’s Diamond Aircraft Industries has raised the bar for modern-age twins, but the price tag for this superior plane is quite steep.
A Diamond DA62 costs $1.08 to $1.69 million - with standard model variations averaging $1.25 million. The variable and operational costs of the DA62 are roughly $92,925, which breaks down to $374.17 per hour.
After extensively researching Diamond Aircraft Industries, I have gathered enough information to determine the cost of a DA62. My research has indicated that given the demand and popularity of the DA62, the price of this aircraft continues to remain high, despite new models being released.
Diamond DA62 Cost Breakdown
This Austrian-built aircraft can seat 5-7 passengers and it has an optimal cruise speed of 185 knots/212 MPH - featuring 2 turbocharged AE330 engines, which run on JetA Fuel. Ever since Diamond Aircraft Industries announced its twin-engine light aircraft, pilots and aviation enthusiasts were immediately sold on buying one.
At the end of the day, with the specs and performance capabilities that the Diamond DA62 offers, who wouldn’t want to own this state-of-the-art aircraft? With that said, cutting-edge technology comes at a price and the Diamond DA62 is by no means a budget plane.
This aircraft has only been in production for about 7 years and Diamond has not released a massive amount of models onto the market yet, which has only fueled the demand for the plane even more. With that said, the current value of the DA62 is anywhere from $1.08 million to $1.69 million.
A lot of people have their eyes on this aircraft - and for good reason. Diamond has delivered a plane that so many pilots and aircraft owners desire, which is why the value of the plane has held so strong ever since it was released. However, it is important to keep in mind that there are a number of factors that influence the cost of a Diamond DA62.
Diamond DA62 Cost (New)
If you want a Diamond DA62, your best bet is going to be to buy it brand new. The reason for this is that this is a fairly new plane that has not been in circulation or production long enough for the market to be flooded with used options.
That said, a new Diamond DA62 costs around $1.25 million. This is for a standard version of the DA62 based on the manufacturer's original design with no additional features or personalized customizations.
While this figure is already quite high, the truth is that the Diamond DA62 may only get more expensive in the years to come. There are listings for this aircraft at $1.3 million+ for upcoming models. However, this is all speculation until Diamond officially starts rolling out new models onto the market.
What we can expect from a manufacturer like Diamond is that they will most likely equip future models with more advanced features and avionics, which will ultimately raise the price of the plane.
Diamond DA62 Cost (Used)
As new model variations of the Diamond DA62 are released, you would naturally expect the used options on the market to drop in price, right? While this may certainly be the case for most aircraft in this class, it has certainly not been with the Diamond DA62.
This aircraft has such high demand that even the used models on the market are currently selling for about the same price as when they were bought new. The Diamond DA62 is one of the rare examples of a plane that is able to truly hold its value.
If you are lucky, you will be able to find a used Diamond DA62 that is for sale below its market value. Some of the best prices that I have been able to track down for this light twin-engine aircraft hover between $1.08 million and $1.15 million, which is just roughly $100,000 short of the new market price.
A real phenomenon with the Diamond DA62 is that there are actually used models for sale that are priced higher than the original value of the aircraft. Given the amount of demand for this plane and the lack of models in circulation, DA62 owners have been able to get away with upselling - with some options listed for $1.3 million to nearly $1.7 million.
This is staggeringly high, and while some models may have some new mods and customizations, many listings advertise standard Diamond DA62s. The bottom line is if you don’t have an extra million laying around, don’t get your hopes up for buying a Diamond DA62 anytime soon (used or new).
Diamond DA62 Variable & Operational Costs
Whenever I evaluate an aircraft, one of the most important characteristics that I keep in mind is the variable costs of owning and operating the plane. Variable and operational costs can put a big dent in your budget and they are often easy to overlook or underestimate.
The variable operation and maintenance costs of the Diamond DA62 are approximately $92,925. This figure can vary based on the current price of fuel, but for an average of $5.00 per gallon - upwards of $93,000 is what most aircraft owners should expect to pay. When you break the operational costs down, it comes out to roughly $374 per hour.
When you compare this to similar aircraft in this class, the Diamond DA62 holds up pretty well. Diamond Aircraft Industries was able to keep the operational costs of the DA62 relatively low by prioritizing fuel efficiency in its design. With fuel costs rising rampantly, owning a plane with a decent mpg rating goes a long way. During its test flight, the DA62 was able to achieve an impressive 16.6 mpg, which shatters the bulk of its competition.
With that said, variable operation and maintenance costs are usually calculated on the premise of routine maintenance and upkeep. Buying a plane is an investment and if you want your Diamond DA62 to hold its value so that you can get a solid resale price, taking in the aircraft for regular servicing is going to be essential.
Diamond DA62 Insurance Costs
If you are considering buying an expensive new toy like the Diamond DA62, you better factor insurance costs into your budget, as this is going to be an absolute must for this aircraft. Insuring a plane like the Diamond DA62 is not cheap - especially when you compare it to similar planes in its class.
This is a new plane with top-notch specs and state-of-the-art technology, which is why the market price of a DA62 is high. Naturally, this is reflected in the cost of insuring the plane. However, insurance costs can vary depending on the type of insurance that you get, as well as your piloting experience.
Insurance companies offer better rates to qualified pilots who have a decent amount of flight time and experience. If you are a vetted pilot, you can save yourself a lot on your overall insurance bill.
If you want to own a Diamond DA62 or any aircraft for that matter, there is simply no way around liability coverage. You want to know that you are protected in case of an incident, which is why liability coverage is not just a recommendation but a requirement for plane owners.
If you own and operate a Diamond DA62 as an experienced pilot, your insurance costs will be a lot cheaper - with most people paying around $500 to $900 per month. On the other hand, pilots who do not qualify as ‘experienced’ under an insurance company's guidelines will have to pay more than this.
With that said, the quote that you get from an insurance provider can vary depending on the company that you reach out to. That is why I recommend calling a number of different companies to compare quotes, as this can save you a lot of money down the line.
Opting for hull coverage is an additional insurance package that is not required like liability protection. You can choose to skip this type of insurance and save yourself on annual costs, but I do not recommend this.
Hull coverage protects your Diamond DA62 from damage, and if you own a plane that costs well over $1 million, having the additional protection is a smart decision to secure your investment. The challenge with obtaining hull coverage for a Diamond DA62 is that some insurance companies simply will not offer it for this specific aircraft.
Now, that’s not to say that getting hull insurance for a DA62 is impossible by any means. It just implies that you may need to contact several different companies before you get an actual quote. Hull insurance costs can vary even more than liability coverage, but some pilots were quoted at roughly $5,500 for $700,000 hull coverage.
About THE AUTHOR
After spending years watching every video I could find about flying, I finally scratched the itch and got my pilots license. Now I fly every chance I get, and share the information I learn, here.Read More About Joe Haygood