Hi everyone,
I'm currently exploring the purchase of a 1964 Mooney M20C and would really appreciate some input from experienced owners and pilots here.
A bit about me:
I'm a student pilot with 131 logged hours. I recently passed my PPL written exam, but I haven’t flown in about 3 years. I started flying at 13, but since I was only flying about once every two weeks, I’d often forget what I learned between lessons, which explains the high hour count without a certificate. I plan to finish my PPL in the aircraft I purchase and then continue on through instrument and eventually commercial ratings.
The plane I'm looking at:
1964 Mooney M20C
Turbo normalized
Multiple speed mods (201 windshield, yokes, spinner, wingtip extensions, etc.)
New Garmin 350C audio panel, USB ports, upgraded COM radio
One-piece belly, brake caliper rotation, wing root fairings, and more
It looks well cared for and is priced at $115K
My plan:
I’d like to base it out of Concord, CA (CCR) near to UC berkeley.
I plan to finish my PPL in it with a CFI who has Mooney experience.
My brother will also be training in the same plane (he’s just beginning flight training)
After that, I’ll use it for XC building, IFR training, and commuting between NorCal and SoCal.
Long-term goal: own the plane for at least 3-5 years, possibly more.
With two people flying it consistently, I believe we’ll be able to justify ownership over rental in the long run
The numbers:
Initial Cash:
Down Payment (15%): $17,250
Pre-buy Inspection: $1,500
FAA Registration: $5
Escrow Fee: $500
Title Search Fee: $150
Total: $19,405
Annual Fixed Costs:
Insurance: $5,000
Hangar: $7800
Annual Inspection: $2,500
Maintenance Buffer: $3,000
Unexpected Repairs Reserve: $2,000
Total: $20,300 + Loan payments
My concerns:
1. Is it realistic to finish PPL in an M20C as a low-time pilot with proper instruction?
2. How does the M20C behave for someone getting back into the cockpit after 3 years?
3. What are the major items I should look out for during pre-buy on a 1964 model with lots of mods?
4. Any red flags when buying a turbo normalized M20C vs. stock?
5. Are my financial projections reasonable? Any areas I’m underestimating?
6. Any recommendations for Mooney-experienced CFIs or trustworthy mechanics in the Bay Area?
Thank you so much!!!!!!
