During first annual inspection, A&P discovered a crack in the aft wing spar splice and cracks in the RH rib P/N 210052-8 of my new-to-me 1966 M20C. According to A&P, this is an airworthiness item and repairs to this area will require a wing de mate from the fuselage. A&P is researching to determine whether repairs can be made in this area and what other hidden damage may be present. According to A&P, this looks like damage caused by putting too much load on the flaps, e.g. by deploying the flaps at too high an airspeed, or some other load put on the flaps, which then transferred the load through the driver links and arm to the attach point on the rear spar. According to A&P, this damage is not new; it has been there awhile, and most likely did not happen all at once, and shouldn't have been missed during previous annual inspection(s) -- it is not in a hidden area on this aircraft. I have yet to fly the plane. Ferry pilot flew it from purchase point to annual inspection point. Anyone have any comments, explanation, recommendation, etc. to what A&P reports above? Should I scrap the airplane and cut my losses now, even though I never got to fly the airplane, my first ever, by the way?