Regarding the overhaul, yes it is at the top of my budget, and I’m aware that it might need an overhaul any day now.
I do have extra cash in hand just enough for a fresh overhaul, I wouldn’t even consider purchasing this airplane if I don’t have the money to overhaul it. But if i have the engine overhaul today that would leave me no other money for other repairs if something else go wrong, like if i have to reseal the tanks. If the engine could run for another two year I would be more comfortable with doing the overhaul. By the time it’s likely that i would also got an upgrade to left seat at my company.
i did check the books and it says tanks for resealed on 2005. Corrosion shouldn’t be an issue since the plane is hangared all its life. My mechanic seems to know what he’s doing and he has my trust on inspecting those.
My first option actually isn’t this airplane. I was looking at another M20J with ok-ish avionics, gns430, some old nav/com, good enough for getting through some bad weather but not hard IFR, which I would not do even in this Mooney. That plane has a 0 time engine and is $30,000 cheaper. The only problem is the owner does not allow my mechanic to inspect the plane and insisted on having a local mechanic from his airport to do the pre purchase inspection. I figured that sounds fishy, and he lied to me about damage history as well which i figured out soon when reviewing the logbooks.
I’ve got a pretty descent idea of my routine cost. My insurance quoted me 2500$ for full in motion and not in motion coverage. My local airport’s parking is roughly 2000$ a year. I would love to get a hangar but my local airport does not have any T hangars. It’s a remote airport in the Canadian north where highway ends.
Since i live in an area where it is extremely geographically remote, deep in Canadian Shield, the purpose of the inspection is less about making sure the plane will last another 500 hours, but make sure there’s nothing that’s going to fail catastrophically soon. A forced landing here is going to be fun, it’s either frozen lake or rocky terrain with forest cover.