If you haven't heard it before... Why the hell would you buy a 172 with the expectation to throw $30k into it?
Thanks for the question. I am pretty new to all this, so maybe I'm going about it wrong. Let me answer your question with my scenario and then if you have any advice, I'd be happy to hear it. Seriously. I need advice and I just don't have a lot of friends in aviation and I am a 100 hour private pilot trying to figure things out as I go.
I want an aircraft that can get me the following: 1. Have fun flying around 2-3 hours at a time in max. I may want to do longer overall trips, but I have a.... let's say personal limitation of about 3 hours in the air (I gotta go #1 at that point... too much coffee and I'm getting old). 2. Finish up my instrument rating - I am about ten hours into this, so I have some way to go.
I am looking at 172s in about the $50k - $55k range. In general, these aircraft have mid to high total time and about 1200 hours to go until recommended overhaul. So about ten years of me flying it at a touch over 100 hours a year. 172s in this price range have good paint and good to newly redone interiors. Usually the radios are good enough (com/nav 1 and 2 with flip/flop). But they don't have upgraded GPS and Autopilot. Things that I, personally, want. I want at least a single axis autopilot. The plane I rent has one and on anything longer than a 1 hour xc, I love it. The workload reduction is significant and it just makes the flight more enjoyable. I want a waas gps so I can shoot lpv approaches when I get instrument rated. G5s aren't a requirement, but for an autopilot, I may as well upgrade at least the DG to HSI so I can put in the Garmin GFC500 which I read is an excellent autopilot.
So.... For the ~$55k cessna 172 in good shape with lots of time left on the engine, I need a GPS and an autopilot and probably upgrading the DG to a G5. So why not do the AI, too? So....
Aircraft purchase price - $55k
Dual G5s installed parts/labor - $7,600
GFC500 installed parts/labor - $10,765
GNX 375 installed parts/labor - (this is my initial question, so I'm guessing) what maybe $12K?
So that ends up being an ~$85k c172 with really good avionics, lots of time left on the engine, good paint, newish interior.
Why is that crazy? And no, nobody has asked why the hell I would by at $55k 172 and throw $30k worth of upgrades into it to bring it up to a modern IFR platform. I have seen older, less equipped 172s on TaP and Controller for >$100,000. So if I am missing something and my strategy is not sound, please (I mean it, please!) somebody give me some different, better advice.
Thanks.