I'm not even a pilot yet but am doing some research. I went by my local airport and talked to 2 A&P's concerning the quality of 50 yo airplanes, engine longevity, and costs of ownership.They both said there's no way to know without knowing how the plane was run.
When I posed some questions regarding times SMOH and STOH they both just shrugged their shoulders. They said some engines will go 4000hrs if they are rich at takeoff and you always climb straight to your cruising altitude at wot, lean it appropriately, then leave it at wot. They both said if you like to F around with the throttle, don't watch your temps, and like to do a lot of touch and goes then you will definitely get much less time.
They were both in agreement about field overhauls. They prefer to send stuff out to the factory and get Zero time rebuilds. These guys will pull a cylinder and do valve work if they know the engine otherwise and feel it will last. One pointed to the guys across the parking lot in another hanger and said "I've never seen them do a overhaul and they are some of the best mechanics I've ever seen". Everything they do starts back at zero.
This wasn't really what I wanted to hear. I've rebuilt several car engines and don't know what the big deal is. If I buy an old plane I will try to get one where the engine will last at least a few yrs (but obviously it's a gamble) and budget for a $20k rebuild.
Yes, I was definitely expecting to get a couple hundred more hours out of the engine, although when I bought the plane I got a pretty good deal because of the high engine time SMOH. I figured any extra time I got beyond 2000 hours was a bonus that I really didn't pay for.
Let me give you an example using the mooney flyer valuation tool:
http://www.themooneyflyer.com/valuation/M20JValuation.html
With a SMOH 0 time engine, the plane is worth $115K (as spec'ed with GTN 650, GDL 88, autopilot, HSI, etc.) (not sure whether this price is actually attainable on the market)
With a SMOH 2000 time engine, the plane is worth $86K (same specs) (again, not sure whether this price is actually attainable on the market).
That's a difference of $29-30K, about what it costs to overhaul the entire engine.
I bought the plane for about $60K, installed a new GTN 650, GDL 88, and GTX-327, and repaired the non-functioning autopilot. So the value of the plane (ostensibly) is now $86K. I'm not looking forward to overhauling the engine, but with a fresh annual and a new engine, I should be able to get over $100K, possibly over $110K if I were able to sell it immediately -- so the engine overhaul isn't really money down the drain, but rather a depreciating asset. I figure that the extra ~200 hours I got out of the engine before overhauling it is really time that I didn't pay for.
I'd be a lot more upset about this if this were a 1000 SMOH engine and I had to do an overhaul now.
Looking at comps on controller.com:
http://www.controller.com/listingsd...NEY-M20J-201/1985-MOONEY-M20J-201/1375905.htm -- $119K with an engine that is 255 SMOH, less well equipped (GNS-430W instead of 650, no ADS-B, much older transponder, etc.)
http://www.controller.com/listingsd...NEY-M20J-201/1986-MOONEY-M20J-201/1390125.htm -- $106.5K for slightly newer model with one piece belly, "new" factory rebuilt engine, comparable interior and exterior, similarly equipped (I have GTN 650 vs. 530W, GDL-88 vs. GDL-69, and newer GTX-327 vs. old KT-76A transponder, but he also adds engine monitor, digital tach, co-pilot brakes and some other goodies like stormscope) -- this one is actually a pretty phenomenal deal and the valuation tool prices it out at $135K.