KSMooniac Posted January 28, 2014 Report Share Posted January 28, 2014 At that price at the worst that can likely happen is the buyer can probably get the money back parting it out. Maybe. Hopefully it ends up being airworthy and gets a loving owner that will keep her going... 1 Quote Link to comment Share on other sites More sharing options...
sufferingcadet Posted January 30, 2014 Report Share Posted January 30, 2014 I'm a new private pilot with about 50 hours. This is my 1st real plane that's mine. I trained in a Cessna 150 and had a partner chip in on a plane. Plan is to get an instrument rating and commercial license this year, basically fly the heck out of the Mooney. It's being flown to me and it's in annual so I figure it must be airworthy. The avionics seem to be good for instrument training and the 200hp means it counts as high performance, which will be good for commercial license. The long range tanks will just be a bonus. This forum seems like a cool community so I figured I'd join and see what I can learn about my new plane. Quote Link to comment Share on other sites More sharing options...
kmyfm20s Posted January 30, 2014 Report Share Posted January 30, 2014 I'm a new private pilot with about 50 hours. This is my 1st real plane that's mine. I trained in a Cessna 150 and had a partner chip in on a plane. Plan is to get an instrument rating and commercial license this year, basically fly the heck out of the Mooney. It's being flown to me and it's in annual so I figure it must be airworthy. The avionics seem to be good for instrument training and the 200hp means it counts as high performance, which will be good for commercial license. The long range tanks will just be a bonus. This forum seems like a cool community so I figured I'd join and see what I can learn about my new plane. Unfortunately it has to be more than 200hp for a high performance enforcement. It doesn't include 200hp. Quote Link to comment Share on other sites More sharing options...
orionflt Posted January 30, 2014 Report Share Posted January 30, 2014 I'm a new private pilot with about 50 hours. This is my 1st real plane that's mine. I trained in a Cessna 150 and had a partner chip in on a plane. Plan is to get an instrument rating and commercial license this year, basically fly the heck out of the Mooney. It's being flown to me and it's in annual so I figure it must be airworthy. The avionics seem to be good for instrument training and the 200hp means it counts as high performance, which will be good for commercial license. The long range tanks will just be a bonus. This forum seems like a cool community so I figured I'd join and see what I can learn about my new plane. Welcome aboard, we all hope your plane doesn't have too any surprises for you and that you get years of enjoyment from it. feel free to ask questions there is a wealth of knowledge on this site and plenty of people willing to lend a hand. Quote Link to comment Share on other sites More sharing options...
orionflt Posted January 30, 2014 Report Share Posted January 30, 2014 Unfortunately it has to be more than 200hp for a high performance enforcement. It doesn't include 200hp. but it does qualify for complex and once you are comfortable flying it you can rent something with more then 200 hp with an instructor and get that stamp in one flight. Quote Link to comment Share on other sites More sharing options...
kmyfm20s Posted January 30, 2014 Report Share Posted January 30, 2014 Sorry, I didn't notice this was your first post. Welcome, there is a lot of information here! Quote Link to comment Share on other sites More sharing options...
John Pleisse Posted January 30, 2014 Report Share Posted January 30, 2014 I hang on to my plane with all I can muster. It was acquired before marriage. There won't be replacements or upgrades. Quote Link to comment Share on other sites More sharing options...
rbridges Posted January 30, 2014 Report Share Posted January 30, 2014 I wish them good luck too. I don't understand eBay at all. Wrong generation I guess. Seems like the worst way to buy a plane. Anyhow, if there is a major problem with 98Q, I give it about 50/50 that the new owner ends up here asking questions. good call. got any suggestions for powerball numbers? 1 Quote Link to comment Share on other sites More sharing options...
scottfromiowa Posted January 30, 2014 Report Share Posted January 30, 2014 This is what you call the "honeymoon phase"... Quote Link to comment Share on other sites More sharing options...
sufferingcadet Posted January 30, 2014 Report Share Posted January 30, 2014 Ok, here's my first question. Is a new paint job worth it? According to the dealer it would add $6000 blue book value to the plane. A paint job would run $6000-$7500. Would I be able to recoup this cost in a year when I sell and get to fly with a shiny paint job, or would it be better to leave it as is and just fly the heck out of it. Quote Link to comment Share on other sites More sharing options...
rbridges Posted January 30, 2014 Report Share Posted January 30, 2014 Ok, here's my first question. Is a new paint job worth it? According to the dealer it would add $6000 blue book value to the plane. A paint job would run $6000-$7500. Would I be able to recoup this cost in a year when I sell and get to fly with a shiny paint job, or would it be better to leave it as is and just fly the heck out of it. it will definitely help with curb appeal, and I'm sure it adds value. When financing my plane, the company would only add value for paint and interior work less than 12 months old. That doesn't mean anything to a buyer with cash in hand. A 5 year old interior is worth much more to me than one that is 40 years old. I wouldn't bank on it bringing you back 100% of your investment in a couple of years though. also, IMO only, I think 6-7K is low for a paint job. Most quality paint jobs run 10+ Quote Link to comment Share on other sites More sharing options...
jetdriven Posted January 30, 2014 Report Share Posted January 30, 2014 I haven't seen any 6000$ paint jobs, it looks more like 8500-9500$ is the going rate at the bottom of the market. If you just bought it I'd hold onto the money for now, usually there are 5-8k in unplanned expenses the first year and if it gets real bad, 25 grand for a new motor. Quote Link to comment Share on other sites More sharing options...
rbridges Posted January 30, 2014 Report Share Posted January 30, 2014 If you just bought it I'd hold onto the money for now, usually there are 5-8k in unplanned expenses the first year and if it gets real bad, 25 grand for a new motor. I forgot to mention that in my post. Unless you're independently wealthy, I'd wait and see what other squawks show up (and they will) before blowing a wad on a paint job. Quote Link to comment Share on other sites More sharing options...
orionflt Posted January 30, 2014 Report Share Posted January 30, 2014 I haven't seen any 6000$ paint jobs, it looks more like 8500-9500$ is the going rate at the bottom of the market. If you just bought it I'd hold onto the money for now, usually there are 5-8k in unplanned expenses the first year and if it gets real bad, 25 grand for a new motor. Get some time in your plane before you plan any major upgrades, since it is still in annual I would do my first annual and see what surprises arise. On he anniversary of the second annual I would start looking at upgrades, remember if you send it out for anything major your going to be with out a plane for atleast a month, for a paint job it can be 2-3 depending on the shop. Quote Link to comment Share on other sites More sharing options...
carusoam Posted January 30, 2014 Report Share Posted January 30, 2014 Young man, The question of worth depends on... (1) how you feel about it. (2) how your buyer will feel about it in a year. (3) what a similar plane in the market for sale is priced at. Life is long, save your pennies for a rainy day, or an air worthiness item. Best regards, -old man- 2 Quote Link to comment Share on other sites More sharing options...
tonyk628 Posted January 31, 2014 Author Report Share Posted January 31, 2014 Well good luck to you.... This had the potential to be a good plane and needed some work but dealing with the dealer proved more that I could bear...after investing hours if not days of time into this plane here is what I can tell you. This plane sat outside for a great number of years in Louisiana and needs some attention wrt to paint to curb the corrosion. Also based on the agent I had go look at it in TX the windows are shot. Hawk painting in FL quoted me $9500, Mena was $10k and Tejas up around $17k. The interior you can do yourself but plan for $4500. The windows you can also do yourself to the tune of about a grand for the side windows. They are pretty crazed over. Being a low time pilot make sure you understand how to use the Turbo, last thing you want is to blow a jug off the side. Put $10k aside to have the tanks sealed in the next 3-5 years as Dari was only having the 45 year old sealant patched. Gear pucks are about due so set aside $1200 for those. Depending on how long you are going to keep it look at ADS-b regulations, compliance and costs. Before you pay him I beg you to have a mechanic inspect the plane for fuselage tube/main wing spar/tail corrosion! This is why I didn't buy it, he wouldn't let me have a qualified mechanic inspect it. Having lost a Mooney to it at only .006" it's nothing to fool with. It already has surface corrosion according to Dari(mind you he has never seen the plane). He touted how much money the doc had recently spent on the plane, so it gave me great pause, why would someone who just put $20k in an engine and an $8k prop sell it to a dealer for $20k when he could have easily just taken it to eBay and got $25?? Something didn't add up for me to take the gamble with my money. I wish you all the best, but just FYI that in annual only means it's airworthy until the next time a mechanic looks at it, and that next time is now on your dime... Quote Link to comment Share on other sites More sharing options...
BigTex Posted January 31, 2014 Report Share Posted January 31, 2014 Tony, time to let it go and move on... 4 Quote Link to comment Share on other sites More sharing options...
tonyk628 Posted January 31, 2014 Author Report Share Posted January 31, 2014 Done. Quote Link to comment Share on other sites More sharing options...
scottfromiowa Posted January 31, 2014 Report Share Posted January 31, 2014 We are rapidly entering the realization or "I didn't know that" phase... 1 Quote Link to comment Share on other sites More sharing options...
ArtVandelay Posted January 31, 2014 Report Share Posted January 31, 2014 Ok, here's my first question. Is a new paint job worth it? According to the dealer it would add $6000 blue book value to the plane. A paint job would run $6000-$7500. Would I be able to recoup this cost in a year when I sell and get to fly with a shiny paint job, or would it be better to leave it as is and just fly the heck out of it. Is it going to be stored in a hanger? No point painting it and then letting it sit outside. 1 Quote Link to comment Share on other sites More sharing options...
sufferingcadet Posted January 31, 2014 Report Share Posted January 31, 2014 Is it going to be stored in a hanger? No point painting it and then letting it sit outside. A tie down is $75 a month, a spot in the group hangar is $140. I've decided to go with Orionflt's advice and not paint it for now. I'm leaning towards a spot in the group hangar because I'm worried a tie down would make the corrosion worse. So it seems like if I did get a paint job, I need a hangar. If I don't get a paint job I should still have a hangar. If I cheap out and went with the tie down instead, would I save enough money to cover the additional wear it would cause on the plane? If so, then it seems that tie dows are the way to go. Otherwise the answer would seem to be get a hangar no matter what and tie downs are useless for anything other than short term parking. What's the verdict? Quote Link to comment Share on other sites More sharing options...
orionflt Posted January 31, 2014 Report Share Posted January 31, 2014 even if it is a group hanger you will appreciate not having to clean off snow and ice in the winter, it also helps keep water out of the fuel tanks. I had my plane on the ramp for a year when i first bought it and it didn't seem too bad, but since then its been in a hanger and i wouldn't go back on the ramp unless i didn't have a choice. too many little conveniences associated with being in a hanger that you don't realize. Brian Quote Link to comment Share on other sites More sharing options...
Wakeup Posted January 31, 2014 Report Share Posted January 31, 2014 What happens at the Hanger...stays at the Hanger. Lol Quote Link to comment Share on other sites More sharing options...
rbridges Posted January 31, 2014 Report Share Posted January 31, 2014 even if it is a group hanger you will appreciate not having to clean off snow and ice in the winter, it also helps keep water out of the fuel tanks. I had my plane on the ramp for a year when i first bought it and it didn't seem too bad, but since then its been in a hanger and i wouldn't go back on the ramp unless i didn't have a choice. too many little conveniences associated with being in a hanger that you don't realize. Brian I was safety pilot for a friend that had an open T hangar. It seemed like it took forever for him to remove the cover and cowl inserts. Then he had to pack it somewhere. I know it's relative, but I've been spoiled with a closed hangar. Quote Link to comment Share on other sites More sharing options...
jetdriven Posted January 31, 2014 Report Share Posted January 31, 2014 Long term, even in a dry hangar, fighting corrosion and the march of time is a never-ending battle. Tie it down outside and there is absolutely no way that you can keep up. Trust me, the $65/month premium that you are going to have to pay to keep your new bird in the community hangar is absolutely the best money you are going to spend on her. Ever. Jim I think Jim's 201 has less corrosion on it now than when it left the factory. Probably shinier too Quote Link to comment Share on other sites More sharing options...
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