Thinking about selling my 172

Stingray Don

Stingray Don

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Stingray Don
I haven't made up my mind yet, but I am considering selling my 172n. It is a very nice plane and has served me well for the past 8 years. I am finding that I just don't fly that much and have too many needs competing for limited dollars. I was thinking about listing it with the broker at my home airport (KUMP). Any thoughts on brokers?

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Sure looks like a nice one!

Doesn't sound like you're in too big of a hurry to unload it. These days, I would have thought that selling it through word-of-mouth would be a pretty easy thing to do. Or has the market cooled yet?
 
I actually thought about you not long ago, having noticed a lack of posts from you. How have you been? Sorry to see that you’re considering hanging the headset up. :(
 
The market is strong. Why not list it yourself, price it high, ignore the tire kickers and take whatever offer makes you happy. Seems like yiu shouldn't need to pay a commission to move it these days. But if you don't want the hassle then it makes total sense. Bummed to see you selling and getting out vs upgrading or downgrading.
 
asicer said:
Sure looks like a nice one!

Doesn't sound like you're in too big of a hurry to unload it. These days, I would have thought that selling it through word-of-mouth would be a pretty easy thing to do. Or has the market cooled yet?
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I really don't know what the market is like now. I hear values have really climbed lately. I may have to contact a broker to determine the value, but I am struggling with the decision of whether or not to sell it.
 
Sinistar said:
The market is strong. Why not list it yourself, price it high, ignore the tire kickers and take whatever offer makes you happy. Seems like yiu shouldn't need to pay a commission to move it these days. But if you don't want the hassle then it makes total sense. Bummed to see you selling and getting out vs upgrading or downgrading.
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I would like to save the commission, but I don't know the value or the process of selling. If I decide to sell, I am thinking I will probably list it with a broker. Using the broker at my local airport would probably make the most sense.
 
RyanB said:
I actually thought about you not long ago, having noticed a lack of posts from you. How have you been? Sorry to see that you’re considering hanging the headset up. :(
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Hi Ryan, yeah I haven't been as active lately on the board. I'm doing well, thanks for asking. A few years ago my job was eliminated after 22 years of service. I have a new job but not making earning nearly as much. To compound matters, my expenses have gone up considerably. Retirement is looming and I need to ensure that I am in a good financial position during retirement. I hate to sell the plane but it is something that I really need to consider. Hope things are going well for you!
 
Stingray Don said:
I really don't know what the market is like now. I hear values have really climbed lately. I may have to contact a broker to determine the value, but I am struggling with the decision of whether or not to sell it.
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SD, fly on out to Kentucky next weekend and we’ll figure things out. Most of life’s problems get solved at rough river.
 
Don, think about what @PPC1052 said above. If you can withstand sharing your plane, financially you could actually be ahead.

You bought it for X. Now planes are worth 2X. Get 1 partner for 50% of current value = X. You then have your original investment back in cash. Yes, you still have expenses, but those are halved.

If you borrowed, then your ROI is great. Wanna get “greedy”, find a 3rd partner.

If you’re about to get or already are unattached emotionally, it just becomes math and checks all the financial reasons you had for selling.

Fly up to KLAF. Let’s have lunch.
 
If you have a T-hangar at UMP, you might seriously consider selling half of it. There are probably people in Indianapolis who are looking for a 172 who can't get a hangar where they want it, who'd enter a partnership just to get the hangar.

I'm at MQJ. I called the Airport Authority a few weeks ago, wanting to get on the wait list for a hangar at UMP. They told me there were 64 names on the list, and that they'd only moved one in the preceding 24 months. If I'm doing the math correctly, I'm at the end of a list that's one hundred twenty years long!!!
 
OneCharlieTango said:
If I'm doing the math correctly, I'm at the end of a list that's one hundred twenty years long!!!
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Interesting.

You should find out how those folks ahead of you are going to live another 120 years. There would be quite a market for that knowledge.
 
172N... you should have no problem selling it without a broker.

If you do... here is an article that will help you through the process..

https://www.aopa.org/go-fly/aircraft-and-ownership/selling-an-aircraft

Half Fast said:
Interesting.

You should find out how those folks ahead of you are going to live another 120 years. There would be quite a market for that knowledge.
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There was a guy that tried to sell his place in line to get a hanger at a local airport. Can't say it is urban legend or not, but does sound like a idea... not!!!~~
 
Now is the time to sell, so sell it. Prices will moderate at some point in the future (I hope.) I sold mine at the bottom of the market, because that's what I seem to have a talent for; it would be worth literally double today.
We didn't need a broker eight years ago, it was listed on TAP for about ten minutes before we had offers.
 
Hangar worth as much as the plane, for sure. Partners sound good, too. AOPA guidelines worked for me, several times. Take your time, be deliberate. Good luck.
 
Stingray Don said:
I really don't know what the market is like now. I hear values have really climbed lately. I may have to contact a broker to determine the value, but I am struggling with the decision of whether or not to sell it.
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I suppose your first step is to decide how much you want for it. Maybe contact an appraiser instead of a broker to figure that out?
 
Kenny Phillips said:
Now is the time to sell, so sell it. Prices will moderate at some point in the future (I hope.) I sold mine at the bottom of the market, because that's what I seem to have a talent for; it would be worth literally double today.
We didn't need a broker eight years ago, it was listed on TAP for about ten minutes before we had offers.
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Agreed, but you got lucky.

I always get the tire kickers. When selling my boat I had several guys come look at it, and they would admit they like the boat but their wife wouldn’t let them buy one.
Same when I sold my motorcycle.
 
MooneyDriver78 said:
Agreed, but you got lucky.

I always get the tire kickers. When selling my boat I had several guys come look at it, and they would admit they like the boat but their wife wouldn’t let them buy one.
Same when I sold my motorcycle.
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I take it you forgot to put “No Tire Kickers!” In your ads? That seems to drive them all off……:stirpot:
 
I appreciate all of the feedback. I will certainly consider a partnership. I'll have to give it some thought and figure out what I want to do. It really is a tough decision.
 
You may just consider selling it outright as crazy as the 172 prices are right now, then just rent or join a flying club. The capital you free up (not to mention the monthly hangar rent) probably adds up to a good chunk of rental flight time anyway, but surely enough to cover the amount you've been flying recently. I'm not sure I'd mess with partnership/multiple shares due to the hassle involved unless you just have the perfect aircraft partner already in-hand.
 
Leaseback? Free up some money in the short-term but still retain the airplane if you get the time/money in the long term? Also keeps the plane from sitting idle.
 
Stingray Don said:
I really don't know what the market is like now. I hear values have really climbed lately. I may have to contact a broker to determine the value, but I am struggling with the decision of whether or not to sell it.
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If you're an AOPA member, you can use VRef to get an "idea". That and seeing what's similar in Trade A Plane. As for selling, I think AOPA has all the details.
 
Salty said:
How is it a business decision? I don’t think a single one of us would own a plane if it were a business decision.
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lol, no argument there. However, I think a lot of us used spreadsheets and math to somehow justify the purchase. We sometimes equate the stupidity of plane purchase with that of a boat. I’ve never owned a real boat (Jon boat only), but I imagine boat buyers don’t spreadsheet their buys. So when it comes time to part with a beloved plane that’s taken care of you, it’s best to keep the emotion from clouding the finance side. Business? No. But financially smart choices? Yeah, make ‘em. I tend to equate everything with business math.
 
Stingray Don said:
Well, I have decided to list my 172n with the broker at my home airport. I can't imagine getting anywhere close to the asking price suggested by the broker, but the market is crazy right now. There is already quite a bit of interest, so looks like it may bring way more than I would have imagined. We'll see how it goes.

1979 CESSNA 172N SKYHAWK Single Engine Piston for sale - 2405711 (trade-a-plane.com)
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I think that price is insane, but it is a nice specimen, and I do believe a majority of our population has gone insane, so you might very well get it.
 
Salty said:
I think that price is insane, but it is a nice specimen, and I do believe a majority of our population has gone insane, so you might very well get it.
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I completely agree. I cannot imagine anyone would pay anywhere close to that. The broker has several interested parties and will be showing the plane next week. I guess we will find out what people are really willing to pay when the offers come in.
 
Prices are so high Mike Busch just made a video talking about people jumping on rusted out money pits and referencing the Turnip bubble fro. century pass..
 
Funny, I just upped my insurance coverage on my ‘75 182P from the $90k hull value that I had for the last decade back in February. Wondering if I should have raised it even more.
 
Brad Z said:
Funny, I just upped my insurance coverage on my ‘75 182P from the $90k hull value that I had for the last decade back in February. Wondering if I should have raised it even more.
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Probably worth 2x that if it's at all nice. I have the same problem. Avemco is offering to appraise planes in light of the crazy market. I'm going to wait until the new autopilot goes in this summer and take a bunch of pictures and see what they say. I'm afraid of what the premium will be though. I should reach 500 hours and 250 in type this year, so hopefully that helps some.
 
Jim K said:
Probably worth 2x that if it's at all nice. I have the same problem. Avemco is offering to appraise planes in light of the crazy market. I'm going to wait until the new autopilot goes in this summer and take a bunch of pictures and see what they say. I'm afraid of what the premium will be though. I should reach 500 hours and 250 in type this year, so hopefully that helps some.
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I raised it to 150 in February (that’s the highest number the value slider on the Global website went for my plane) but I agree it’s pretty close to 180. I’ve got a PPonk overhaul and a dual Gi-275 & GFC500 on my 2023 wishlist. I’m getting ready to pick it up from the shop after a new leather interior and sportsman stol kit.
 
Well, I accepted an offer on the plane. After broker’s commission and expenses, I will net $131k. Still shocked that my 40+ year old 172 brought that kind of money. If prices come back down to earth in the future, perhaps I’ll buy another one. For the time being, I’ll have to be a renter.
 
That is insane, what's the details on your plane? There are 172s out there listing for 60-70k. And there are well equipped 182s that lists for that range.
 
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