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What can I get for $40k?


m20flyer

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How, exactly, is trading planes going to save money? How much will you sell your current ride for? How much will you pay in catch-up maintenance on the new ride? Will the Mooney cost less to operate? I think any money you save or don't save is mostly due to luck and big-ticket maintenance items that may or may not happen on either your current plane or the replacement.

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M20Flyer: It seems to me that the only really big economy that you would obtain from the contemplated switch would be the eventual overhaul costs of an IO-360 vs. an IO-520, which are admittedly significant.

You didn't mention your engine time on the V35, I was guessing that maybe you're thinking that now is the time to sell before you put too much time on it and have to sell it as a runout?

I regularly fly a BE33 and a M20E and don't find the difference in fuel burn enough to justify all of the transactional costs and possible risk of buying an unknown plane,

regards

Tim

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I think you passed over the partnership idea too casually. What about the other end of the spectrum? Having a good partner would make it much more affordable and enjoyable. Plus they may have connections in the parts or maintenance network. Plus it would teach you how to play well with others.

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Engine is about 1350 smoh in 1998 or so. Prop is a 3-blade with 600ish since 2006 or so. One thing led to another and I ended replacing the lifters during the annual. It has zero internal corrosion and the cams are in great shape. Cyls are original with decent compressions. I'm confident the bottom end will run well past TBO and I expect that the top will last a few hundred as well. I bought it with the expectation that I'd be overhauling at some point. Fortunately, it looks like I'll do that later than sooner...we'll see.

As far as the MX contacts go I'm in pretty good shape. Having more contacts is always better, of course. I see your point. As far as playing well with others...maybe you're right. I don't know that jumping into an aircraft partnership is the best way to go about learning those skills, though.

What do you mean by "getting off the merry go round?"

I'm coming to terms with the idea that a partnership merits reconsideration. It could be a good thing with the right partner.

Thank you for the replies.

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What about going with a f or a j that has zero Avionics except a ils? With all the portable non-certified units available for cheap, I would have to rethink spending a huge chuck of change to go with a loaded airplane or installing all the equipment. Might be a good option if you have ability

Whatever you do make sure you know the condition of the following items as they can add up in a hurry:

Metal baffling, said above tank seals or bladders, gear pucks, engine mounts, just a few things......

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It sounds like you need the equity from the plane to put toward your new house. If that's the case, I'd recommend you do that and hold off purchasing anything until all the dust settles. Then at that point, you can re-assess your financial situation. I bet you will find it harder to find time to maintain currency while raising a family. So you might reconsider purchasing and rent until your kids are older and you have more spare time. Nothing worse than an plane that sets months between flights.

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First things first. Get on the same page...

"The wife has decided that starting a family and finding a good house is more important than having an airplane. I'm inclined to agree."

Inclined?

Do you have a list like this one...?

Life's Mission Statement:

(This is not quite my list, but everyone should consider having one, open to change over time)

1) Wife (preferably one that likes to fly!)

2) Kids

3) House

4) Work

5) Reliable transportation to get to work (pre owned may be financially helpful)

6) Insurance (know that things may not go as planned, Plan B is important and expensive)

7) Day care (if you thought planes were expensive?)

8) Airplane

9) Hangar

10) Retirement savings/401K,503B

11) Corvette / Beach house

Or is this just an engineer's view of an ideal life...?

Too much focus on any one ball, the other 10 risk getting dropped.

Spending too much in one area...

Getting any priorities out of order....

Life is tough, it takes planning and execution to get to the fun stuff.

Best regards,

-a-

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First things first. Get on the same page... "The wife has decided that starting a family and finding a good house is more important than having an airplane. I'm inclined to agree." Inclined? Do you have a list like this one...? Life's Mission Statement: (This is not quite my list, but everyone should consider having one, open to change over time) 1) Wife (preferably one that likes to fly!) 2) Kids 3) House 4) Work 5) Reliable transportation to get to work (pre owned may be financially helpful) 6) Insurance (know that things may not go as planned, Plan B is important and expensive) 7) Day care (if you thought planes were expensive?) 8) Airplane 9) Hangar 10) Retirement savings/401K,503B 11) Corvette / Beach house Or is this just an engineer's view of an ideal life...? Too much focus on any one ball, the other 10 risk getting dropped. Spending too much in one area... Getting any priorities out of order.... Life is tough, it takes planning and execution to get to the fun stuff. Best regards, -a-
Spoken like a true engineer. Unfortunately Anthony, as you know, life throws us curve balls. The best laid plans sometimes are redirected by the powers above. At one time I subscribed to your philosophical approach but realized after my own health scare that life is too short to plan for a future that may or may not happen. I subscribe now to a philosophy of "live life now". I am not going to be reckless with my responsibilities but I believe now, more than ever, that living life is more important than just the planning for it.
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Interesting F model.  The SE states get me thinking about corrosion but it might be worth investigating.  It's only averaged 27hrs a year since 1992; 39/yr since last overhaul in 1996.  That's a lot of sitting in a humid climate.  It looks like it was in Illinois until about 2001 when it moved to Georgia.

 

Those nav/comms are great as long as they send and receive.  I have the same nav/comms now and have no plans to ever replace them (super cheap to replace if they break).  Does the Loran come with a disco ball?  The ADF is a so-what, for sure.

 

1) Wife (preferably one that likes to fly!)
2) Kids
3) House
4) Work
5) Reliable transportation to get to work (pre owned may be financially helpful)
6) Insurance (know that things may not go as planned, Plan B is important and expensive)
7) Day care (if you thought planes were expensive?)
8) Airplane
9) Hangar
10) Retirement savings/401K,503B
11) Corvette / Beach house

 

Excellent advice and I agree wholeheartedly that an airplane should be nearer to the bottom of the list.

 

1 is done

2 is planned and budgeted

3 is done, but it's a small place

4 is solid; career growth planned and supported by the powers that be

5 is owned outright with a small payment on a second.  We'll keep both until they just stop running.

6 is up to date and sufficient

7 is planned but will be reassessed when we get there.  Both of our immediate families are 30 mins away, which helps

8 is a want, not a need.  We both "want" and "can" now.

9 is a must if you have an 8.  At least covered parking.

10 is subject to the max contribution limit.  I'm leaning away from a 403b based on advice I've received from financial specialists

11 is a problem.  She is a vintage Mustang fan and we don't really want a beach house.  What's the alternative method of compliance?!  :)

 

The advice I've received here has me rethinking the partnership.  Finding someone with a mission similar to mine who flies about 50-70 hrs/yr would be OK.  That would put 100-150hrs a year on the plane which would keep it healthy and we'd still have access to a good XC machine.

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Carusoam - Somehow autocorrect dropped the word "motorcycle" from your list of priorities, you may want to fix that :)

Probably because there are too many nutcases on the road, making motorsickles somewhat more dangerous. For open air fun, try a convertible--you can buy groceries, and stay dry in the rain.

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Unfortunately, NJ traffic density has a tendency of eliminating motorcycles from my list.

It was really disappointing, explaining to a17 year old that no matter how good he is as an operator, it won't be his fault when he gets run down...

We have one intersection that is responsible for crushing cars, motorcycles and everything else that goes through it.

I have a small car, people have a tendency to not see it as well as my sport ute. The motorcycle just doesn't have a chance...

Best regards,

-a-

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I didn't see a boat anywhere on the list of "must haves" or jet skis! At least with an ADF you can listen to "RUSH"

Any time one changes to a "new" airplane the first 2 years of maintenance are double or three times what you'd think just playing catch up. There goes your "savings" in changing. Just like with RVs, every one has issues.

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  • 2 weeks later...

I may have what you're looking for in the price range you cited.  1967 F model with all the speed mods, excellent paint, tanks resealed at Wilmar two years ago, around 600 SMOH on the engine, seats completely redone in leather by Oregon Aero two years ago, all new plastic panels, headliner and carpet from Plane Plastics two years ago, annual isn't due until September 2015.  High compressions on all cylinders.  Panel is nothing special but recently flew it from Texas to Seattle without any problems.  New battery, alternator, starter and voltage regulator; new engine baffles.  Three blade prop.  Hangered its entire life.  Had thorough annual from Dugosh, one of the best Mooney shops on the planet.  I'd love to keep flying it but my work schedule isn't cooperating.  Email me if interested.

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