...the money's in the bank and I'm looking for a M20E. This is my first plane and the purchase process is overwhelming at the moment. I have bought a house, a business and dozens of cars, trucks, motorcycles and boats, many of them older than this plane so I know old vehicles, but this seems like a whole other level of complexity. How does one approach the problem of buying a vintage peice of equipment with all manor of potential nightmares lurking just beneath the surface when they are scattered all over the country? I have joined MAPA and ordered Those Remarkable Mooneys, so hopefully soon I will be even more informed about the gotchas, but the questions are;
How do I keep from wasting a lot of money on airline tickets to see junk piles where the owner/broker just lied?
How realistic is it to expect that the plane I buy have all the ADs and Mooney specific issues complied with?
Is it realistic to think the owner would kick in for a part of the prepurchase/annual at a MSC?
Then there is finding a MSC to do the pre buy, title search, tax forms, transition training and ???
What I want:
An M20E best fits my mission profile and my budget. There seem to be quite a few on the market, so for now I'm not considering anything else. I have budgeted $75K (even less would be awsome!) for the finished plane and what it must have is:
Mid time or lower engine
Prop with no AD inspection
201 Windshield
Cowl Closure or better
Standard 6 pack panel
Garmin 430W or better primary
King or Garmin NAV/COM/GS secondary
Engine Analyzer like the JPI 700 or better, hopefully with Fuel Flow
Some type of auto pilot, even if just a wing leveler
I have preferences on other things too, but they are negotiable. I don't care much about the paint and interior or lots of other speed mods. The panel is more important to me. I know that I will not find a plane with all of my must haves, so I plan on doing work on the plane to get it there as soon as I buy it. I'm factoring this work into the $75k. How realistic do you think this is?
Thanks for the help.