Hello all,
Have an opportunity to purchase a super low (<1000) time 172H. I've personally inspected the plane and sent it to pre-buy inspection which came back very good with an excellent airframe report (no damage, no corrosion). It needs about $10,000-$15,000 per the pre-buy report (new magnetos, partial engine rebuild for valves and such, ignition harness, new spark plugs, brakes, tires, etc.), not including the interior work laid out below.
Here's where it gets difficult. The plane's panel/interior is almost entirely out of it. A complete set of new Garmin avionics are in boxes and would come with the plane. I don't even have the complete list* (they're working on that) but I know it includes Garmin G500 PFD, Garmin 750, 650, GTX 327, GDL 88, GMA35, G5 as backup PFD, GFC 500 autopilot and other stuff that I haven't dug into yet. The plane will have no steam gauges except a select few for engine. I've been quoted between $7000-$10000 to install all of this. Again, still waiting on the exact list of items. I have a shop that's willing and ready to do it. I'm willing to assume that it's a low, preliminary estimate and that will grow by $5k-$10k by the time it's all said and done.
The price of the plane currently being asked comes with all the avionics but not the install. I've gotten one preliminary estimate for installation. I'd be all in for about $105,000 (plane, avionics, installation, annual, pre-buy, pre-buy items all addressed) etc. At that point I'd be tempted to also throw an EI MVP50 into it, which I'd estimate at $10,000 all said and done. Call it $105k-$120k.
My question is, does it make sense to put this kind of money into a 60's 172 ($105k-$120k)? I am not super experienced in aviation; however, I'm familiar with automotive and marine industries where you can easily "over-restore" and put way more money in than what you can get out. My worry is not flipping the plane or selling it any time soon; however, I don't want to be making a horrible financial decision. My hopes would be to upgrade to something like a Cessna 400 or Mooney in 3-5 years (maybe).
I've been following the 172 market for the past few months, and on and off for about a year or two. Like almost every product, prices have skyrocketed. Does that translate into true values? Or is this a bubble? I see many 1960-1980 172's with many more hours and much less equipment going for 100,000-150,000 depending on the unit/condition etc.
TLDR; is having between $105,000-$120,000 all said and done into a 60's 172 a bad idea for a low total time and advanced avionics plane?
Thanks
*Updated in recent posts.
Have an opportunity to purchase a super low (<1000) time 172H. I've personally inspected the plane and sent it to pre-buy inspection which came back very good with an excellent airframe report (no damage, no corrosion). It needs about $10,000-$15,000 per the pre-buy report (new magnetos, partial engine rebuild for valves and such, ignition harness, new spark plugs, brakes, tires, etc.), not including the interior work laid out below.
Here's where it gets difficult. The plane's panel/interior is almost entirely out of it. A complete set of new Garmin avionics are in boxes and would come with the plane. I don't even have the complete list* (they're working on that) but I know it includes Garmin G500 PFD, Garmin 750, 650, GTX 327, GDL 88, GMA35, G5 as backup PFD, GFC 500 autopilot and other stuff that I haven't dug into yet. The plane will have no steam gauges except a select few for engine. I've been quoted between $7000-$10000 to install all of this. Again, still waiting on the exact list of items. I have a shop that's willing and ready to do it. I'm willing to assume that it's a low, preliminary estimate and that will grow by $5k-$10k by the time it's all said and done.
The price of the plane currently being asked comes with all the avionics but not the install. I've gotten one preliminary estimate for installation. I'd be all in for about $105,000 (plane, avionics, installation, annual, pre-buy, pre-buy items all addressed) etc. At that point I'd be tempted to also throw an EI MVP50 into it, which I'd estimate at $10,000 all said and done. Call it $105k-$120k.
My question is, does it make sense to put this kind of money into a 60's 172 ($105k-$120k)? I am not super experienced in aviation; however, I'm familiar with automotive and marine industries where you can easily "over-restore" and put way more money in than what you can get out. My worry is not flipping the plane or selling it any time soon; however, I don't want to be making a horrible financial decision. My hopes would be to upgrade to something like a Cessna 400 or Mooney in 3-5 years (maybe).
I've been following the 172 market for the past few months, and on and off for about a year or two. Like almost every product, prices have skyrocketed. Does that translate into true values? Or is this a bubble? I see many 1960-1980 172's with many more hours and much less equipment going for 100,000-150,000 depending on the unit/condition etc.
TLDR; is having between $105,000-$120,000 all said and done into a 60's 172 a bad idea for a low total time and advanced avionics plane?
Thanks
*Updated in recent posts.
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