Questions on buying a plane

[Mark D]

I've been doing my research, but still want more input on several questions I have about buying an airplane.

Cost: I'm looking at anything from a Tri-pacer, Cherokee, 172, up to a early Mooney. AOPA's Vref shows all the planes I have found are within their estimates. The question is how firm do sellers stand on their prices. Say the pre-purchase/Annual come back with a clean bill of health, but I still want a better deal, what is realistic to ask without putting off the seller? I'm under the impression that aircraft are only worth what someone is willing to pay for them. I personally think their prices are fair, but I'm a haggler.

Location: Most planes are across the country. How realistic is it to do everything needed (flight test, pre-purchase inspection, paperwork, escrow, etc) in a single one to two day trip? Do I figure this may be at least a two trip process?

Broker/Escrow: I'm paying cash. What would a broker or escrow company really save me? There are companies that can to title search, etc.

Ferrying: Being a low time VFR pilot, I don't have any qualms about getting it home if I do my homework and get proficient in flight planning. Am I kidding myself? I plan to take my A&P father to ride along, or at least another person, if not another pilot.

 

[James331]

I've been doing my research, but still want more input on several questions I have about buying an airplane.

Cost: I'm looking at anything from a Tri-pacer, Cherokee, 172, up to a early Mooney. AOPA's Vref shows all the planes I have found are within their estimates. The question is how firm do sellers stand on their prices. Say the pre-purchase/Annual come back with a clean bill of health, but I still want a better deal, what is realistic to ask without putting off the seller? I'm under the impression that aircraft are only worth what someone is willing to pay for them. I personally think their prices are fair, but I'm a haggler.

Location: Most planes are across the country. How realistic is it to do everything needed (flight test, pre-purchase inspection, paperwork, escrow, etc) in a single one to two day trip? Do I figure this may be at least a two trip process?

Broker/Escrow: I'm paying cash. What would a broker or escrow company really save me? There are companies that can to title search, etc.

Ferrying: Being a low time VFR pilot, I don't have any qualms about getting it home if I do my homework and get proficient in flight planning. Am I kidding myself? I plan to take my A&P father to ride along, or at least another person, if not another pilot.

Have you ever bought a home or car before? Worked in sales? Airplanes are not special, buying and selling is buying and selling.

I'd figure 2-3 days for a sale if everything goes ok

As a PPL you should be able to ferry it back yourself.

If you post a link to a plane you're interested in I'm sure people here could give you their 2 cents

 

[Mtns2Skies]

I've been doing my research, but still want more input on several questions I have about buying an airplane.

Cost: I'm looking at anything from a Tri-pacer, Cherokee, 172, up to a early Mooney. AOPA's Vref shows all the planes I have found are within their estimates. The question is how firm do sellers stand on their prices. Say the pre-purchase/Annual come back with a clean bill of health, but I still want a better deal, what is realistic to ask without putting off the seller? .

Ever since basic med has been passed it's been heavily skewed into the seller's market for piston singles. I really wouldn't expect a significant amount of haggling and usually a price is determined before you do the prebuy, with the only contingencies being airworthiness issues. If I were selling a plane and you wanted more money off beyond the airworthiness issues after prebuy, I most definitely would not be selling to you.

A couple thousand is not that much money in the name of the game of airplane ownership, I think having a good relationship with the seller is worth well more than whatever you think you could get off.

 

[eman1200]

Cost: I'm looking at anything from a Tri-pacer, Cherokee, 172, up to a early Mooney. AOPA's Vref shows all the planes I have found are within their estimates. The question is how firm do sellers stand on their prices. Say the pre-purchase/Annual come back with a clean bill of health, but I still want a better deal, what is realistic to ask without putting off the seller? I'm under the impression that aircraft are only worth what someone is willing to pay for them. I personally think their prices are fair, but I'm a haggler.

glad to see you hold mooney at the high end of the spectrum. jk, kinda. you can offer whatever you want and the seller has the right to tell u to eff off, counter, or sell. just don't be annoying and have data to back up your offer.

Location: Most planes are across the country. How realistic is it to do everything needed (flight test, pre-purchase inspection, paperwork, escrow, etc) in a single one to two day trip? Do I figure this may be at least a two trip process?

no doubt it is logistically difficult but not impossible. you have a lot of work to do to make it happen. also, don't expect any seller to do anything without some type of earnest money.

Broker/Escrow: I'm paying cash. What would a broker or escrow company really save me? There are companies that can to title search, etc.

like u said, title search, paperwork, etc but also might show the seller you're serious. plenty of deals have been made without them but they can also help move the transaction forward.

Ferrying: Being a low time VFR pilot, I don't have any qualms about getting it home if I do my homework and get proficient in flight planning. Am I kidding myself? I plan to take my A&P father to ride along, or at least another person, if not another pilot.

why would you be kidding yourself? don't fly something home you're not capable of flying, but once you bought the plane, it's yours to fly, however you see fit to do so. bringing a cfi along for the flight home sounds like a fun option.

 

[frfly172]

If your looking to steal an airplane,it may take awhile ,to find a desperate seller. Since you already think the asking prices are fair,why do you want to beat the sellers up? Some day the shoe will be on the other foot.

 

[Mark D]

If your looking to steal an airplane,it may take awhile ,to find a desperate seller. Since you already think the asking prices are fair,why do you want to beat the sellers up? Some day the shoe will be on the other foot.

Well, I'm new to this whole ball game, so good point. I'll drop the whole haggling idea and change my way of thinking on that.

 

[SixPapaCharlie]

I paid the asking price for my plane and I paid a guy to fly it from Connecticut to Dallas.

Flew out and looked at it, put down a deposit, Hired a 3rd party inspect it, wired the money, then arranged the ferry.

Doable from a long distance. No big deal.

 

[Mtns2Skies]

I paid the asking price for my plane and I paid a guy to fly it from Connecticut to Dallas.

Flew out and looked at it, put down a deposit, Hired a 3rd party inspect it, wired the money, then arranged the ferry.

Doable from a long distance. No big deal.

+1. Paid asking price. Got the pre-buy done the day before I arrived. Showed up Weds morning, xferred funds Weds afternoon, flew home Thurs mid-morning.

 

[WannFly]

Paid 2k less than the asking price, used a broker, flew over to WA from ND, hired a ATP who did this pre-buy sorta... flew back the next day. About 14 hrs. Pre-solo

 

[tawood]

The planes you have mentioned are VERY common. No reason you can't find one local, or at least somewhat local (like 4 hour drive away type local)...that is, unless you need to buy soon, in which case, forget about a deal. Since this is your first purchase, I'd try to stay within 200 miles or so, just to keep the logistics more simple.

 

[flyingcheesehead]

Cost: I'm looking at anything from a Tri-pacer, Cherokee, 172, up to a early Mooney. AOPA's Vref shows all the planes I have found are within their estimates. The question is how firm do sellers stand on their prices. Say the pre-purchase/Annual come back with a clean bill of health, but I still want a better deal, what is realistic to ask without putting off the seller? I'm under the impression that aircraft are only worth what someone is willing to pay for them. I personally think their prices are fair, but I'm a haggler.

If you give the seller the impression that you're buying the plane at a certain price, the seller lets you or your mechanic tear apart his pride and joy, and when it's found that he took great care of it you try to change the price on him, you're not a haggler, you're an *******. Don't be an *******. Haggle first, THEN pre-buy.

Location: Most planes are across the country. How realistic is it to do everything needed (flight test, pre-purchase inspection, paperwork, escrow, etc) in a single one to two day trip? Do I figure this may be at least a two trip process?

I've always done it as two trips: First trip to look at logbooks and look at/fly the plane. Then, A&P inspects it and gives a report, we make any price adjustments based on that, and I make a second trip to close the deal and fly the plane home. But, it can be done in a less hands-on fashion if you really want. Just be sure you're not cutting corners in the process just to make it happen in one trip - That's asking for trouble. For example, don't expect the A&P to get through all the logs and do a reasonable pre-buy in one day so you can catch a flight home, and don't skip taking it for a test flight to ensure it flies well and everything works.

Broker/Escrow: I'm paying cash. What would a broker or escrow company really save me? There are companies that can to title search, etc.

If you mean literal cash, as in, you're carrying a briefcase full of Benjamins, you can probably get away without it. Other than that, you can expect the seller to either make you wait for the money to clear or force you to use escrow. I guess since you are dealing with the cheap end of the spectrum for airplanes you may find someone with a more casual attitude about it, but you may not.

Ferrying: Being a low time VFR pilot, I don't have any qualms about getting it home if I do my homework and get proficient in flight planning. Am I kidding myself? I plan to take my A&P father to ride along, or at least another person, if not another pilot.

Just make sure you don't have a schedule to be on. Remaining flexible is the key to completing long cross-country flights safely. And if it's a long distance, chances are you will encounter weather of some kind along the way. Making several plans that are geographically diverse will help, but you may need some timing flexibility as well, especially at the origin and destination. Lots of other threads with advice about that sort of thing, though... But I highly recommend that you do fly the plane home yourself, after sufficient transition training from a "type-aware" CFI if it's a new type to you. Long cross country flights are the best learning experiences, and it'll be a good way to get to know your new bird. I will say that if you have to cross the Rockies to get home, maybe I wouldn't recommend doing so in a new-to-you type unless you have some mountain flying training and experience, but other than that, go for it.

 

[Mooney Fan]

Offered 2K less than asking price. Seller was hesitant, so I came up another 1K. Flew 570 miles up commercial and spent last day with mechanic completing annual and met owner at 1400. Went for a test flight and once we landed, text escrow agent to dispense funds. Seller followed me to rental car drop off and brought me back to the airport. Seller confirmed funds were in his account, gave me the keys and I was off at 1600 for home. I found AOPA escrow services to be worth the $450. They handled title search, all paper work with the FAA, and managed funds

Good luck on your search