New to the community and looking for some advice...
I recently looked at a 1976 M20F with less than 500 SMOH and 4600 TT and asking $59K. It has out dated avionics and does not have a GPS. Would this be an advisable purchase considering the ADS-B 2020 mandate and GPS install in the near future to bring it up to the 21st Century? The airframe and power plant are solid but I expect quite a bit of more money required to be invested since it will require wiring for GPS and ADS-B Antenna.
Any advice will be greatly appreciated.
P.S. I do not have any Mooney experience so this would be stepping up from what I am accustomed to (C-172).