201 vs Arrow
This will be a bit long, but you ask for it.
I have owned a Arrow IV, a Mooney M20F with most “J” mods, and currently own another Arrow IV. So, here is my opinions on the plus and minuses.
The first Arrow was a 1980 which I purchased in 1985 and was the first complex, real IFR airplane I owned. Back then dual VOR’s and DME was ‘State of the Art”. It was a very good IFR platform and I put in many actual IFR hours with many approaches to minimums. When I was forced to sell it after five years I cried.
10 years later and back on my feet I wanted an airplane similar to what I had. At the time the Arrow IV was out of my price range and I found a Mooney M20F at a “really good” price.
Unfortunately it had some “problems”, least of all was the landing gear. The seller never disclosed that he had a problem with the gear extending “once in a while”. (The F model had electric gear, not the Johnson Bar.)
Mooney:
If you look up the incidents / accidents for Mooney the number one is, gear up / gear collapse.
If you decide on a Mooney, note:
THE MAINTENANCE MANUAL HAS A PROCEDURE FOR CHECKING THE LANDING GEAR TO BE PREFORMED ON EVERY ANNUAL.
If you follow the procedure your landing gear will work very well. Make sure the shop you use knows this procedure and you are good to go.
The other item mentioned above is the “Wet Wing”. If you can detect the oder of gas when you are in the airplane you will need to have the tanks resealed. The best place is in Wilmar, MN and it isn’t cheap, but trying to patch a leak is like trying to . . . Never mind, it doesn’t work.
The IO-360 is known to be a “*****” to “Hot Start” in a Mooney and many pilots have run the battery down trying to get restarted after a quick fuel stop. Learn the “Hot Start” procedure.
Another item mentioned is comfort. The reason I sold the Mooney and bought another Arrow is comfort. After a two hour flight I would have leg cramps. You do not state your age and size, however, I would recommend taking several long flights in the Mooney too make sure you “fit” the airplane.
Also, “201” is a new airplane, MPH, with a test pilot, leaned to peak, at full throttle. Your performance (ie. speed), may very. My “F” with all the “J” mods would true about 140 Kts @ 11 GPH.
Arrow:
I may be a bit biased as I am now on my second Arrow, actually my second Turbo Arrow IV.
The Turbo Arrow IV is a LoPriesti redesigned Arrow and much faster than the original Arrow.
The Mooney did not have a WAAS GPS or an autopilot, it did have the wing leveler. It was cheaper to buy another airplane than to install a WAAS GPS. So, when I reached my cramp comfort limit I decided to go with another Arrow. I have done four – five hour flights in the Arrow which I could not have done in the Mooney. My Turbo Arrow IV gives a 160 Kts true at 12 GPH, which is just slightly (fuel/distance) better than the M20F with J mods.
Turbo Arrow is a TSIO-360 six cylinder Continental, smoother than the Lycoming IO-360, both 200 HP, but 1800 TBO vs 2000 TBO. Read: Lycoming = cheaper overhaul.
Mooney:
http://flightaware.com/photos/aircraft/N9426V
Arrow:
http://flightaware.com/photos/aircraft/N82906
Hope this helps.