Contemplating Mooney Ownership

[ryoder]

I got 30k hull damage for 1550 per year as a low time no retract time 172 pilot. But I think the Mooney is going to be an expensive airplane to own. To me the cheapest is probably an experimental that someone built and flew a bit. I have seen RV12 airplanes brand new for 70k. Those won't require any major maintenance and will burn half the gas. Annuals will be cheaper and there are no ADs.

[carusoam]

See if I understand...

1) You want to fly a fast plane.

2) you want to budget for a slow plane.

3) you think you can somehow do this with a home built aircraft.

Don't fly cheap...

Cheap shouldn't be the driving force...

I don't see that being a successful or happy program... One prop strike is all it takes to ruin the finances in that program.

Low cost, great efficiency, yes. Cheap, not for me...

Yes, I know a father /son team that built a two seat canard. The son still flies it 30 years later...

M20C speeds on C152 engine. It's a two seater and the girl sits in the back. No room for her stuff.

Now, if your a mechanical engineer, mechanic, commercial pilot or have some other skills that will help you recognize trouble before it befalls you. That may be different...

Get motivated, make a plan, start executing it...

There is a thread here called introduce yourself. You will find people of all different sorts that successfully fly a Mooney. See if you can find somebody like you.

Check your mission. Does it require being the fastest, four seat, factory built, N/A airplane on or off the planet?

If it does, start working on it!

If it doesn't, why buy more than you are comfortable with?

I was young once...,

I am a believer that anyone can fly a Mooney. It just won't happen accidentally....

Best regards,

-a-

[cujet]

I'd like to add my opinion as an aviation professional with 30 years experience. 

 

1) I'm a huge fan of personal aircraft ownership.

2) It's incredibly important to purchase a good aircraft, one that's in good shape, well maintained and in need of very little. 

3) It may be financially important to avoid that perfect airplane that costs 50% more than the rest of the fleet. Reason: Using it depreciates it's value rapidly. 

4) I strongly encourage capable owner/pilots to really get to know their aircraft, right down to the last nut and bolt. They are not like modern cars, as aircraft require regular maintenance, servicing and inspection. Capable owner/pilots can and should perform oil changes, tire changes, and other servicing/maint as allowed by the FAR's. Again, owners do better when they actively and properly maintain their aircraft. So many owners bring their aircraft to a shop, drop it off, and get back a damaged aircraft and a huge bill. When ever I bring an aircraft to a shop, I remain with it, make decisions as necessary and keep close tabs on the work being performed. 

5) While partnerships can work, and can dilute many expenses. Often, a partnership will necessitate that a shop perform all of the preventative maint. Driving up costs considerably. Sole owners can, and do, perform many money saving tasks. A local 4 party partnership has an hourly "fee" of $75/hr to cover yearly maint costs (not including fuel) . At that rate, might as well rent. And, as you might expect, one partner landed "gear up" last month. 

6) Mooney's are not Cessna 172's. But that does not mean Mooney's are too much for a private pilot. They are single engine, low HP, piston engined, 4 seat, light aircraft. They handle well, fly well, are very safe and like any aircraft, require proper training. WW-II pilots went from 65HP Cubs to 1700+HP Mustangs in short order. And did so with proficiency. Proper training is key. 

 

7) This is my opinion, and it's based on my needs and likes: Slower aircraft are impractical for cross country travel, especially when you factor in the ever-present headwind. Flying a C150 across the USA simply takes too long, uses too much fuel (by mile traveled) and is not really any better than driving. To travel, which is what I like to do with a light aircraft, my magic number is 182Kts True air speed. As you can fly 1/2 way across the continent and come very close to airline times, when other factors are included, such as TSA lines and showing up 1 hour early, etc. 100Kts TAS (or less) is competitive with driving, and truth be told, you might as well drive. It's the airspeed in the middle of those numbers that matter to me. The faster, the better. That's the reason for aircraft ownership! 

 

Edit: Certified aircraft are about 5x safer than experimental aircraft. Any way you view it.

Edit: Justifying light aircraft ownership is often impossible. You have to want to own an aircraft. The fact that it is sometimes practical is a big bonus. 

[ryoder]

My Mooney does have the aileron ad fix but I need the 100 hour prop check and I think but need to verify that I need an engine bushing check and a corrosion on the frame check. As to my cost concerns everyone has their own opinion on what is reasonable and people have to agree to disagree.

[bonal]

Waited until 50yrs old to start living my life long dream of flying. Started out with my own 150 and now am half way through my second year with my mooney. I had some big issues that needed fixing on the first 2 annuals totaling to the tune of 20k but all things that will now be solid for many years to come. I would have loved to have spent the money on some upgrades to my panel but looking at it money well spent. I much prefer the cost of ownership on the 150 but wanted better performance and speed costs money. I disagree on the point that flying a 150 is no better than driving. During my Cessna time my wife and I made several 400 plus mile trips and all were way more fun than driving and way faster. Most important is your flying not driving example north end of CA to Los Angeles in just over 3.5hrs same trip by car about 7.5hrs. The cost to own a 150 or 172 is a lot less and if that's what you can afford it's still great fun and owning is real freedom. Now with the Mooney our cross country trips have gotten longer and I love flying it but I miss flying the 150 it was so fun spinning and banking if I had more free time I would have not sold it cause it hardly cost any thing to own.

Good luck enjoy the ride.

[Cfidave]

The trick is to buy it right. There are numerous items that can really add up in expense. Pre-buys are a must, but you need someone that knows something about Mooneys. I bought my 65 M20E a few weeks ago, the year before the owner spent 52K on maintainence and upgrades. New prop 9K, bladders 10K, Stec 60 14K, Garmin 430 Wass 10K, etc. The big ticket items are things like leaky fuel tanks, corrosion, landing gear maintainence, prop AD, paint & interior, avionics upgrades, engine overhauls. Better to have all or at least some of that done by the previous owner, much cheaper then doing it yourself.

 

This is my 6th airplane in the past 17 years, once you get used to having all that freedom & fun, it's hard to go back.