Falling for Mooney's???

[ahkahn]

Marauder, that is a beautiful setup!  Well done!  

 

Another question:  Can you finance major work like that?  Meaning, what if one were to purchase a timed-out in pieces junker for 20k (presumably cash), then finance 30k new engine, 25k new avionics, and 10k on new paint/interior?

 

-Andrew

[Hank]

It all. Depends on your banker. Some won't loan for an aircraft purchase at all, much less upgrades. A good bank shouldn't have a problem, especially if you can convince them of the post-upgrade value (which never seems to match the costs).

[Marauder]

It all. Depends on your banker. Some won't loan for an aircraft purchase at all, much less upgrades. A good bank shouldn't have a problem, especially if you can convince them of the post-upgrade value (which never seems to match the costs).

Hank's correct. Depends on your bank. Many are sitting on a ton of cash these days and will loan. The mortgage meltdown has change many of their practices.

[Marauder]

Marauder, that is a beautiful setup! Well done! Another question: Can you finance major work like that? Meaning, what if one were to purchase a timed-out in pieces junker for 20k (presumably cash), then finance 30k new engine, 25k new avionics, and 10k on new paint/interior? -Andrew

Andrew, If you are looking to invest in a particular plane, you may be better served stretching your budget now and buying one of a number of planes out there that are equipped with what you want. Many of us have been through the upgrade path. My advice is don't invest in an older airplane unless you are sure it is your keeper. My F with the speed mods on it (installed by the previous owner) gets me into the older, unmodified J speed range. When I was debating about upgrading my plane or buying a J, the caveat for me was whether I was going to trade a plane that I knew was mechanically perfect for one that I didn't. You can get burned with leaky tanks, engine issues or other problems that could pop up during your first year of ownership. I bought my plane in 1991. It had leaky tanks and the owner reduced the price to reflect the bladders I installed. The next couple of years were working out the bugs and upgrading what I needed to (engine analyzer, transponder, reliable radio, etc.). In 1991, I also started an engine and avionics reserve. I was very religious about allocating funds into those reserves and made it clear to the wife that these monies would be used for upgrades. Repairs were handled as they came up. In 1998, with 2 small kids, I spent part of that reserve to put in the STEC AP and teach the wife how to use it and for her to attend pinch hitter courses. Fast forward to 2012. The avionics reserve was built up and I decided to upgrade a plane that I had owned for 21 years. You are looking at the near end result. Still debating on the ADS-B path forward and whether or not to drop in a second GPS. There is nothing wrong with rebuilding an older plane over time. Just evaluate your flying requirements and make sure the plane is the one for the majority of your missions. Back when the kids were getting big, I rented Cessna 182s for those family trips. Now that I am close to an empty nester stage, the F is the perfect plane for our flights around the northeast. Hope this helps.