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Totally agree, the reason for doing the numbers was everything I read people were really low numbers i.e. <$20k for an overhaul, annuals of <$2,000, etc. which seemed so good I started to look at opportunities to acquire some flight schools... which I promptly stopped once I got to know the business better, haha. Spending the money on something of interest is totally reasonable, just like to know what to expect. Thanks everyone for all the insights, this has been super informative. Will keep you posted on what direction I end up going. Many thanks!

@JohnZ Definitely sounds like we are in the same boat/plane glad to hear I'm thinking about this in the right way. I think a $100 Fahrvergnügen budget seems reasonable. My budget is very roughly $200,000 but the less I spend on the initial purchase the more I can spend on avionics and polishing things up. I think my ideal situation would be to spend $150,000 on the purchase and $50,000 on upgrades (not including the engine). I have started to look at what's available and these prices seem a bit elevated. Does anything in the attached seem like a reasonable (deal that I should explore further?

@anthonydesmet Skipping TSA is definitely a huge win, some might say priceless. @milotron Thanks for the correction on insurance just got of the phone with a broker and it will probably end up being between C$3,500 - $4,500. @Zane Williams @anthonydesmet Thanks for the insight on the overhaul cost, probably best to budget for $85k and hope for the best. @carusoam Thanks for all the advice. Was thinking about the 252 or Encore, think I don't want to deal with the issues that I have read about with the 231. Also, I think the economy of the TSIO-360 is better than the conversions. Put together the attached spreadsheet as it may help someone else going through the same process. Pulled most of the numbers from POH's I found online so more as directional guidance than anything definitive. @anthonydesmet Your right the M20J, will be a negligible difference in terms of speed on my usual trip to Montreal. P.S. @carusoam I did have a quick look to see if there were any hanger homes remotely within the Toronto area

Wow, thanks so much for all the insight and the crazy quick responses... wish my lawyer was as responsive as you guys! As you mentioned, definitely going down this path for the added flexibility, the "intangibles" and to fly a Mooney. Just was hoping to have some ability to justify this financially to my bride. @KSMooniac@bluehighwayflyer @JoeM Thanks for the heads up on the insurance side of things and for the Tri-city Aero recommendation, that would have been my next question. @carusoam @hubcap I wish I could get more hours in, that would solve all my problems... unfortunately just not in the cards right now. I did intentionally try to over estimate numbers just to be on the safe side. Petrol is not cheap up here, the three main airports I fly out of 100LL is C$2.26, $2.30, $2.38 per liter (roughly $6.50 per gallon). @Hank

Hi All, have really enjoyed perusing this forum as I progress my search for an M20K. In doing a bit of budgeting I came up with a number that seems a bit on the high side and wanted to see what you all think. As a bit of background I live in Toronto, Canada and fly about 80 hours a year, Montreal once a month (260NM) and to the US East Coast (350NM) a couple times a year, in addition to the random weekend trip. Below are my rough numbers, while looking at everything in at an hourly rate could have issues, I have access to a Cessna 182T G1000 for under $300 per hour that is quite accessible and fulfills the mission well enough; so just using that as a bit of a benchmark for how bad of a financial decision this will be. Really looking forward to hearing your insight. Many Thanks! Indicative Cost Breakdown (USD) - Insurance = $1,500 / 80 hours = $19 / hour - Hanger = $5,000 = $63 / hour - Annual = $5,000 = $63 / hour - Oxygen = $1,000 / 80 hours = $13 / hour - Oil, Filters, Etc. = $1,000 / 80 hours = $13 / hour - GPS Data, Weather, Charts, Etc. = $1000 / 80 hours = $13 / hour - Misc. = $1,000 / 80 hours = $13 / hour - Cost of Capital (I could keep this money in the stock market or buy a property) = $150,000 * 5% = $7,500 / 80 hours = $94 / hour - Engine overhaul (assumes something else would have to be fixed as well) = $40,000 / 2,000 hours = $20 / hour - Propeller overhaul = $4,000 / 1,000 = $4 / hour - Fuel: $7 per gallon * 13 GPH = $91 / hour Total TACH Time = $406 per hour ($528 CAD) Total HOBS Time (80%) = $325.00 per hour ($422 CAD)