Might Be Selling My Mooney

[kurtsnyder]

Well, I hate to say this... I might be selling my airplane! It's really a bittersweet moment for me. I have my first airline interview coming up, and as you may know, first year first officer pay is pretty pathetic. So based on that and the fact that I would be flying 85-100 hours a month and not have time to fly my plane, I think I may be putting her on the market soon. It has been an amazing plane that I have really come to love! I got my instrument ticket in it, my commercial SEL and even went to Oshkosh for the first time by flying her up there. I'm just hoping that the selling process doesn't turn into a nightmare!

[Mooneymite]

Good luck with the interview!

Are you interviewing with one of the majors?

Hang onto your plane if you can. That airline flying won't scratch your Mooney itch. Besides the airlines won't give you an airplane for that trip to grandma's.

[dfgreene61]

You should contact Nick @ http://newheightsaviation.com

 

I just signed a purchase agreement today on N1162G.  I did tons of research on the net and by far, Nick had the best marketing for his clients.  Just my 2c.

[Marauder]

You just bought Brett's plane! Congrats! Ok Brett, I'm ready for that ride in the twin!

[KSMooniac]

I know you'll be living on ramen noodles and perhaps living in a crash pad (or worse), but what about any possible commute to your airline job?  The Mooney might be very, very handy for that!!! 

 

Good luck with the interview.

[DrBill]

Good luck with the interview, my younger son just got left seat on Dash 8s for Piedmont. He somehow got 1st officer before he graduated from Embry Riddle. Finish his degree last year via distance learning (the internet). He's based in Roanoke. PM me if you want his contact info.

BILL

[DaV8or]

Congrats on the interview! If Byron is any example... you'll be back eventually. You know your finances better than anyone and I'm sure you've thought of it all, but I'll throw out the usual suggestions-

 

Partnership?

Lease back?

Store/pickle?

 

Anyhow, after spending all that time in the flight levels you'll probably want a turbo Mooney! Either that or you'll be so sick of life up there that you'll want a Piper Cub, or to keep it in the family, a Mooney Mite, or Cadet.

[John Pursell]

I was in the same boat as you. Professional pilot trying to survive on probationary pay. I sold my Cherokee (sorry, not a Mooney) with thoughts that someday I'd by another plane. Guess what, I still don't own a plane for a variety of reasons. My take is to find a way to keep it, if you can. This assumes that you want to keep it.

John

[kurtsnyder]

Thanks guys for the good advice. I keep going back and forth on this. I've thought about pickling it and holding on until I start making more money. But the payment plus a hangar plus insurance makes me not want to have that extra burden. Fortunately, we don't have kids and my wife can work to help support us. I just don't know if we can still afford the old girl.

 

I've thought about a partnership too, but I can see somebody else flying it way more than me, especially the first year or two I'm flying "for a living". As much as I love the thing, I just don't want the extra stress of that expense hanging over our heads. Of course,I haven't even interviewed yet and I also have to pass ground school and the flight training portion. Who knows, I may flunk out and be right back where I am now! LOL

 

BTW, I'm interviewing with SeaPort Airlines. It's a 135 commuter airline that flies the C208 and the Pilatus.

[Dave Marten]

Kurt,

 

Tough call, but you've gotta have your priorities and set your budget. I just had to offload my 231 for similar reasons - no longer a need for business travel coupled with a potential relocation and job changes. Drove a hard decision to simplify for the near-term.

 

My turbo Mooney wasn't my first plane and sure won't be my last. When the time is right they'll be another plane in my not-so-distant future. Until then I'll be self-loading baggage any open right seat! I also put a little of the airplane money to the side in order to scratch the aerobatic itch

 

Good luck with the interview!

[jetdriven]

Congrats on the interview! If Byron is any example... you'll be back eventually. You know your finances better than anyone and I'm sure you've thought of it all, but I'll throw out the usual suggestions-

Partnership?

Lease back?

Store/pickle?

Anyhow, after spending all that time in the flight levels you'll probably want a turbo Mooney! Either that or you'll be so sick of life up there that you'll want a Piper Cub, or to keep it in the family, a Mooney Mite, or Cadet.

Technically it won't be a leaseback. Those are when you lease the plane back to the seller. A lease (lease forward) is where you lease it outright to someone. It might be an option, a better option would be to sell block time to 2-3 pilots or take on 1-2 partners to share expenses while it gets flown. Either way, best of luck, Kurt. Stick around here.

[larryb]

It's a machine that declines in value over time. If you are not going to be using it for an extended period of time, best to sell it now. Price only goes down over time. And it costs money just to keep it. It's not like you won't be flying, you'll be getting a lot more than the rest of us hobby pilots. Your situation should improve over time, and when it does, perhaps you can upgrade.

 

Based strictly on what you said in the original post, I would sell it now and simplify my life for a while.

 

Best of luck, Larry

[Parker_Woodruff]

As someone who went through a career change this summer, I agree with your thoughts about selling.  I left a nice job in aviation insurance to work on my small business and then go the pro pilot route (about to hit the "Submit" button to three different regional airlines).

 

You want to enjoy airplane ownership, so don't put yourself in a bad financial position over it.

 

I sold the M20K.  Ran into it yesterday...miss that plane...

[rbridges]

It's a machine that declines in value over time. If you are not going to be using it for an extended period of time, best to sell it now. Price only goes down over time. And it costs money just to keep it. It's not like you won't be flying, you'll be getting a lot more than the rest of us hobby pilots. Your situation should improve over time, and when it does, perhaps you can upgrade.

 

Based strictly on what you said in the original post, I would sell it now and simplify my life for a while.

 

Best of luck, Larry

 

the only thing I'd add is that used plane prices are at a very low point.  If there is any possibility that the market may rebound in the foreseeable future, it may be a reason to hang on to it for a little longer.

[Parker_Woodruff]

the only thing I'd add is that used plane prices are at a very low point. If there is any possibility that the market may rebound in the foreseeable future, it may be a reason to hang on to it for a little longer.

I don't see a rebound coming, especially in the vintage market...holding onto a plane is expensive. Either commit to ownership or sell.

It can cost about 25% of a vintage Mooney's value to fly it 100 hours per year.

[rbridges]

I don't see a rebound coming, especially in the vintage market...

 

unfortunately I think you are 100% correct.

[Alan Fox]

Kurt , good luck on your interview , whoever gets that "B" is going to love it.....

[Martin H]

I guess I should ask the obvious...

 

   Can I see your plane, its spec sheet and the probable cost?

 

And wish the obvious...

 

   Kick ass in the interview!

 

 

   Martin