Heading to North Dakota on Friday

wabower said:
How many Mooneys does he currently maintain?
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My mechanic? He's probably got about 10 or so. Seems like he's usually got one in his hangar. I have no idea how many Mooneys this other guy has maintained.
 
NoHeat said:
The plane was listed at a discount price, perhaps reflecting the repo status (and time spent out of annual).
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Ding! Ding! Ding! Ding! Ding!

Do you remember the percentage of discount to the otherwise-computed Fmv?
 
wabower said:
And one you can expect to be played by the guy who buys it from you.
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Important if resale value is a consideration. Since my current habit is to buy aircraft that are in the second half of their useful life and fly them until it's time to put them out to pasture, that's less of a concern for me.

For you (and David), that would be more of a consideration.
 
DavidWhite said:
AFAIK this airplane was never out of annual, but it was repoed fairly quickly after its second to last one, and then it sat for 10ish months.
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It is not like planes magically turn to dust simply by being out of annual. I occasionally fly an early M20C that a friend of mine got as a freebie when he bought a hangar (it sat in said hangar since 1994 when the owner got frustrated with the fuel leaks). 3 re-tread tires, fresh oil and a charge of the battery later, it was ferried back to base. The first annual wasn't cheap as it required a tank re-seal, donuts, hoses etc., but now he has an extra plane for the price of said annual. It flies just fine (beyond the usual early mooney quirkyness with hydraulic flaps, manual gear, random buttonology, goofy mooney instruments....).

I have flown some other barn-finds. It is not how much time the plane spent 'out of annual', it is the condition that the plane is in when you get into it that counts.
 
wabower said:
Ding! Ding! Ding! Ding! Ding!

Do you remember the percentage of discount to the otherwise-computed Fmv?
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The Mooney is 20% off of its calculated value.
 
DavidWhite said:
The Mooney is 20% off of its calculated value.
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Does that calculated value take into account that nothing is selling for its calculated value?

Beat Wayne to the punch. ;)
 
Your habits don't matter, as your needs could change the day after the deal closes. If you buy today and sell tomorrow, what's the difference in price that you should expect? The value of the trade is current value, even though that's not often stipulated in the fine print.

Ted DuPuis said:
Important if resale value is a consideration. Since my current habit is to buy aircraft that are in the second half of their useful life and fly them until it's time to put them out to pasture, that's less of a concern for me.

For you (and David), that would be more of a consideration.
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wabower said:
Your habits don't matter, as your needs could change the day after the deal closes. If you buy today and sell tomorrow, what's the difference in price that you should expect? The value of the trade is current value, even though that's not often stipulated in the fine print.
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Agreed. As with any purchase, one makes certain assumptions and takes certain risks on resale. So long as you know going into the purchase what those are and plan accordingly around them, then that works out.
 
The siren song of shiny paint and folding wheels can be difficult to overcome when in rut.
Ted DuPuis said:
Agreed. As with any purchase, one makes certain assumptions and takes certain risks on resale. So long as you know going into the purchase what those are and plan accordingly around them, then that works out.
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wabower said:
The siren song of shiny paint and folding wheels can be difficult to overcome when in rut.
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In my case, I just look at the number of levers and start drooling.
 
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