[Zhang Fei]

[That stated, in 15 years I had to declare 2 inflight emergencies.....both were mechanical failures.....]

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That’s always been the part I thought was out of your hands, unless you’re independently wealthy, and have the cash to maintain your plane up to airline standards. That would presumably mean replacing parts well before their time is up, and having mechanics crawl through it routinely looking for problems.

[nevergore]

All airplanes must go though an annual..... also, the FAA issues repair notices that you must comply with if the airplane is considered airworthy. ...
You must be compliant regardless of cost.