'Big Toys' not all big losses

NEW YORK — It hits some baby boomers sooner and harder than others, that yearning for a tangible reward for years of sweat and sacrifice: the Big Toy.

For some of us, a nice fishing rod will do. But others want something truly big: a sports car, a boat, even a plane.

Since it's a feeling associated mostly with males, and often those approaching — should we say fighting off? — middle age, it's often cast as foolishness. And since it involves objects of desire with big price tags, it's seen as financially foolish.

It doesn't have to be.

Many enthusiasts of foreign cars, boats and planes have found ways to indulge themselves without sacrificing the kids' college fund or cashing in the 401(k). With careful planning and selection, they might even be able to call their purchases legitimate investments. Maybe not the best investment, but not the worst one.

And it's not just for the rich.

Consider Ed Brearton of Warwick, R.I., a truck driver who in the mid-1990s got the yen for a small plane. He had a pilot's license and through someone in the aviation business got a line on a 1968 Piper Cherokee with a new engine for a bargain price of $32,000.

That's a lot of money, sure. But what many people don't know is that a quality airplane, like a quality foreign car or fine boat, holds its worth. While the purchase probably will require a loan, it won't necessarily involve a loss.

Case in point: Because the price of new Cherokees has soared, Brearton sold his plane four years later for $15,000 more than what he paid.

"Everyone who owns an airplane, if they keep it in good condition, will get more when they sell it than when they bought it," he said.

Like many Big Toy owners, Brearton quickly discovered that owning something like a plane didn't mean he had time to use it as much as he wanted. He sought out another pilot as a partner, getting half his investment back and also halving the cost of maintaining and insuring the plane and keeping it at a local small airport.

The airport's "tie down" fee was a relatively modest $50 to $60 a month, and insurance was $1,800 a year — "which is cheaper than some cars," Brearton said. There are a couple of stiff costs, including the $3,000 annual fee for engine inspection. And after every 2,000 hours of flying time, the engine needs to be replaced, at a cost of about $14,000.