How Much Does a Cessna Caravan Cost? 

The Cessna 208 Caravan first flew in 1982 and was designed as a transport and cargo aircraft. It has a single engine, tricycle landing gear, and a strutted high-wing design that makes it look like a Cessna 172‘s big sister. 

The first cargo versions were developed specifically for FedEx, which is still one of the type’s largest operators. 

All are unpressurized and originally equipped with Pratt and Whitney PT6 turboprop engines. According to Wikipedia, more than 3,000 have been delivered to date.

Cessna currently sells two versions: the regular caravan (C-208) and the Grand Caravan EX (C-208B). 

The Grand Caravan is slightly larger, has more power, and greater payload-carrying capabilities. 

Both models are also available with external cargo pods or amphibious floats. The floatplane option, as well as the rugged gear on the standard version, make the Caravan ideal for a wide variety of operations. Cessna also now makes a twin-engine version: the Cessna 408 SkyCourier.

Here’s a look at the various costs associated with owning a Cessna Caravan, as well as how much you could expect to pay for one.

Cessna Caravan Cost: New vs. Used

Cessna does not publish pricing data on their website, but a quick poll of online brokerage sites like Trade-a-plane and Controller provides useful data on about how much a Caravan might cost. 

New Caravans

Controller currently lists three newer (although pre-owned) Caravans for between $3 and $3.5 million. With such a small sample size, it’s impossible to glean meaningful data from the numbers. 

But, if we assume a depreciation of about 20 percent from new prices, it would put the purchase cost of a factory-new aircraft somewhere around $3.6 to $4.2 million, though the range is likely larger based on how you customize the aircraft from the factory.

Used Caravans

Actual sales data is hard to obtain since aircraft deals are negotiated privately between buyer and seller. 

Plus, pre-owned Caravan prices vary widely due to the age of the airframe, its usage, and the condition of the engine. Several brokerage sites list the average cost to acquire a Caravan at between $1.9 and $2.4 million.

On Controller, there are nine aircraft over five years old listed for sale between $1.4 and $3.2 million.

Caravan Leases

As with many charter-type aircraft, many operators lease their aircraft instead of purchasing them outright. The average charter rate for the aircraft is about $1,250 per hour, not including profits. 

Caravan Cost Breakdown

Costs for operating your Caravan can be broken down into fixed (those which will remain the same no matter how much you fly) and variable (those costs that will increase with every additional hour flown).

Fixed Costs

Examples of fixed costs for a Cessna Caravan include hangar leases, crew pay and training, insurance premiums, annual inspections, and aircraft management costs.

Brokerage site EvoJets lists the fixed annual ownership costs to be between $19,072 and $171,652. 

These costs vary so much due to the many different missions these aircraft can fulfill. 

When operated for charter, crew salary and training must be included. Another site lists the fixed cost at $187,915, of which about $90,000 is for crew costs. 

Variable Costs

Examples of Caravan variable costs include hourly maintenance and overhaul, fuel, and airport or landing fees.

EvoJets lists the variable costs for the Caravan at between $519 and $635 per hour. Engine costs alone for the PT6A engine are estimated to be $260 per hour.

Total Costs

While the number will vary from operator to operator, the estimated annual cost for an aircraft operating about 300 hours per year would be in the neighborhood of $400,000. 

That includes fixed and variable costs and depreciation, but not aircraft payments.

Caravan Operating Expenses

The Caravan is frequently compared to other small, turboprop transports. Specifically, it’s similar to the Pilatus PC-12 and the Beechcraft King Air. 

Operating costs for the Caravan are generally lower than either — especially the twin-engine King Air. But the purchase price of the Caravan can be much higher.

Fuel

The PT6A burns about 55 gallons of fuel per flight hour, equating to $345 if you assume Jet-A costs $5.00 per gallon.

The plane holds 2,224 pounds or 332 gallons of Jet-A. That means each fill-up will cost you about $1,660.

Maintenance and Repairs

As with any aircraft, planning for maintenance, repair, and overhaul costs is key. The PT6A powerplant has an excellent reputation for reliable performance, but it’s still a powerful aircraft engine that’s costly to run.

The hourly operating cost of the PT6A is estimated to be $260. That’s based on 3,600 hours between overhauls, with the average overhaul costing $250,000. 

There’s an additional expense of the mid-life interval, which costs an additional $125,000 every 1,800 hours.

Storage and Hangar Fees

Hangar fees vary from airport to airport, so the cost will depend greatly on the aircraft’s home base. 

For planning purposes, most estimate the cost to be around $35,000 annually. 

Insurance

Most brokerage sites list an insurance cost of approximately $25,000 per year for hull and liability insurance. 

This rate is affected by how the aircraft is used, however. Private owners and operators in riskier terrain (amphibious or bush planes) may see much higher rates.

Landing and Other Fees

In the US, landing fees are collected only at the larger hub airports. Most Caravan operators will likely use feeder airports that do not require landing fees for Part 91 operators. Part 135 operators may have other use fees imposed, however. 

Caravan Performance and Features

While the Caravan has evolved, not much has changed since the initial 208 and 208B rolled out of the factory in the early 1980s. 

Engine

Since it was certified in 1982, the Caravan has been equipped with Pratt and Whitney PT6 turboprop engines. 

These engines are small, powerful, reliable, and widely used in small turboprop planes of every configuration. The new Caravan has a 675-shp (shaft horsepower) engine, and the Grand Caravan EX has 876 shp. 

There are also many after-market upgrades for operators to get more power. Many of these require repowering with a different PT6 configuration or a Honeywell TPE331 turboprop engine, which can be configured to provide between 634 and 900 horsepower.

Avionics and Equipment

The new Caravan and Grand Caravan come equipped with Garmin glass cockpits. 

This includes three G1000 NXi screens and the Garmin GFC 700 autopilot. Optional equipment includes upgrades like radar altimeters, doppler radar, and satellite datalink. 

Older Caravans are available with a wide variety of equipment and add-ons, depending on the age of the aircraft and how it was outfitted. At this point, even some older airframes have been retrofitted with glass cockpits.

Capacity and Design

The Caravan is designed as a people or cargo hauler, or both. For passenger operations, the optional belly cargo pod adds space for luggage and cargo. 

The plane is available with various layouts of between 10 and 14 passengers. The rail-mounted seating inside the cabin is designed to be easily rearranged to suit different missions. 

The useful load of the regular Caravan is 3,305 pounds; the Grand Caravan gets you another 230 more pounds over that. 

Range

When fully loaded, the Caravan has a range of about 325 nautical miles. 

This number is greatly improved, however, but operating with less payload and carrying more fuel. Range with full fuel is 1,070 nautical miles. The plane’s cruise speed is 186 knots.

Caravan Ownership Experience

Even though it looks remarkably like a 172, the Caravan is a big aircraft more often found in the charter or cargo operator fleet than as a private owner’s commuter. Still, privately owned Caravans are out there. Specifically, Caravans are one of the most sought-after floatplanes (if that’s what you’ll be using it for you’ll need your seaplane rating).

Pilot Requirements

Since the Caravan is not considered a large aircraft (it’s under the FAA’s 12,500-pound limit with a max weight of 8,000 pounds) and is not powered by a jet or turbofan engine, it does not require a type rating. 

It is, however, much more powerful and capable than most other single-engine aircraft. 

Before they will be approved for an operator’s crew — or approved by their insurance company to operate on their own — pilots will require extensive training in the aircraft and its systems. 

So, while it doesn’t strictly require a type rating and checkride, it will require extra training. Flight Safety and other training providers offer initial training programs for new Caravan pilots.

Maintenance and Inspections

Like all aircraft, your Caravan will require routine inspections. 

Some will be required no matter how you operate the aircraft, and others will only be needed for IFR or charter operators. 

All aircraft require annual inspections of the airframe and powerplant. However, charter operators may benefit from a progressive maintenance scheme, where the aircraft undergoes routine inspections based on cycles (operations) completed. 

Progressive maintenance programs are designed to reduce aircraft downtime and large expenditures associated with traditional inspections.

Major overhauls must also be budgeted. As previously mentioned in the cost calculations, the PT6 has mid-time and overhaul costs, with a full overhaul cycle being 3,800 hours.

Value and Resale Market

Caravans are infinitely useful and capable aircraft, popular all over the world for their multipurpose design. That’s good news for operators because there will always be a resale market for used Caravans.