Thoughts on purchase of M20C?

[gsxrpilot]

I wanted to bump this thread. I just got a call from a mechanic at the local airport that knows an older gentleman that has just failed a medical renewal and is selling his 1963 M20C. He says it has a 3-blade prop, VFR instruemtns only, 1700SMOH, flown very often. Asking $22k for it. It has another month before the annual runs out, and damage wise it had some corrosion that was repaired by zinc chromate the problem area and a crack in the aluminum by the outer wing spar which still needs to be fixed. Compressions are perfect he says with gear swinging good. The mechanic said it should be a $3k annual to get it back in shape. I understand the lure of a cheap Mooney so I'm not high hopes, but its right around the corner and I'm going to look at it tomorrow just because I have nothing better to do.

I offer the asking price minus whatever the cost of the annual and repairs will be. I would want a proper Mooney shop to go over it with a very thorough PPI and the estimate to make airworthy again would come off the $22K.

[Raptor05121]

I'm in the North Florida area, where is the nearest reputable Mooney shop at should tomorrow's inquisition turn out to be fruitful?

[Shadrach]

See I'm quite the opposite. I always fly seats full. So much, in fact, I have to rotate friends everytime I go up.

 

 

Enjoy it as it won't always be this way!

[Shadrach]

I wanted to bump this thread. I just got a call from a mechanic at the local airport that knows an older gentleman that has just failed a medical renewal and is selling his 1963 M20C. He says it has a 3-blade prop, VFR instruemtns only, 1700SMOH, flown very often. Asking $22k for it. It has another month before the annual runs out, and damage wise it had some corrosion that was repaired by zinc chromate the problem area and a crack in the aluminum by the outer wing spar which still needs to be fixed. Compressions are perfect he says with gear swinging good. The mechanic said it should be a $3k annual to get it back in shape. I understand the lure of a cheap Mooney so I'm not high hopes, but its right around the corner and I'm going to look at it tomorrow just because I have nothing better to do.

 

Zinc Chromate is not a repair; it's a preventative measure.  Do take a camera and show us some pics of the cracks and corrosion. It could be a big deal, it could be no biggie. 

[RobertGary1]

Zinc Chromate is not a repair; it's a preventative measure.  Do take a camera and show us some pics of the cracks and corrosion. It could be a big deal, it could be no biggie. 

 

And no longer legal in some states.

 

-Robert

[RobertGary1]

I offer the asking price minus whatever the cost of the annual and repairs will be. I would want a proper Mooney shop to go over it with a very thorough PPI and the estimate to make airworthy again would come off the $22K.

 

You can ask for whatever you want but typically the buyer and seller somewhat split repairs. There will be items called out on a good PPI that the seller wouldn't bother with. Not everything is airworthiness. 

 

-Robert

[Shadrach]

And no longer legal in some states.

 

-Robert

yes we use Zinc Phosphate in MD. It does not seem to be as durable.  Fortunately I have a stash of 2 part Zinc Chromate epoxy.

[BKlott]

I wanted to bump this thread. I just got a call from a mechanic at the local airport that knows an older gentleman that has just failed a medical renewal and is selling his 1963 M20C. He says it has a 3-blade prop, VFR instruemtns only, 1700SMOH, flown very often. Asking $22k for it. It has another month before the annual runs out, and damage wise it had some corrosion that was repaired by zinc chromate the problem area and a crack in the aluminum by the outer wing spar which still needs to be fixed. Compressions are perfect he says with gear swinging good. The mechanic said it should be a $3k annual to get it back in shape. I understand the lure of a cheap Mooney so I'm not high hopes, but its right around the corner and I'm going to look at it tomorrow just because I have nothing better to do.

At 1700 SMOH you are facing the mother of all big airplane bills in the not too distant future. A crack in the wing spar is another potentially big bill. Not a good way to start your aircraft ownership experience!

[carusoam]

Having a cup of coffee with the fine gent could give you some insight to aircraft ownership in your area...

That would be cool!

If things are really going well, ask him what he thinks of reforming the Class III medical

[RobertGary1]

At 1700 SMOH you are facing the mother of all big airplane bills in the not too distant future. A crack in the wing spar is another potentially big bill. Not a good way to start your aircraft ownership experience!

 

I'd maybe say an overhaul is the sister. An engine failure is the mother since you don't have a core to overhaul (add about $20K extra to the overhaul).

 

-Robert

[ryoder]

I bought my Mooney with 2450 on the original engine and have put about 100 on her since. It did have a top overhaul back in the day.

[Shadrach]

I'm just curious; when was "back in the day"?

[Wildhorsesracing]

I wanted to bump this thread. I just got a call from a mechanic at the local airport that knows an older gentleman that has just failed a medical renewal and is selling his 1963 M20C. He says it has a 3-blade prop, VFR instruemtns only, 1700SMOH, flown very often. Asking $22k for it. It has another month before the annual runs out, and damage wise it had some corrosion that was repaired by zinc chromate the problem area and a crack in the aluminum by the outer wing spar which still needs to be fixed. Compressions are perfect he says with gear swinging good. The mechanic said it should be a $3k annual to get it back in shape. I understand the lure of a cheap Mooney so I'm not high hopes, but its right around the corner and I'm going to look at it tomorrow just because I have nothing better to do.

 

That's what I bought, but with 900 SMOH, incidentally the "$3k annual" ended up closer to $6k just to get it airworthy - and the next annual was $2k to fix the next round of repairs...

[Raptor05121]

Well, I went and checked it out. 1963 M20D, IFR cert. Out of annual since 2014, but he has flown it several times off an on. Engine is 1750SMOH. Prop strike I believe in 2003, and the prop was replaced with a 3-blade to kill the recurring AD and the lower end was replaced. Since then, he has replaced three of the cylinders over time, and has a 4th Millennium cylinder sitting in a box. I took a picture of a white board where he layed out what was replaced and when. I took a mechanic with me and he saw some loose connectors on the gear doors, as well as expressing opinion that the floor pan should be opened up as well as checking the rear main spar. The mechanic said it could be annualed for about $3,000. However, there is some red staining on the right main wheel well that I don't think he saw, and the aircraft does not have bladders.

We pulled it out and ran it. Started before the second blade came into view. All lights, radios, etc work. Mag drop was butter smooth. The 3-blade prop was just begging to get into the air. Cycled it twice, carb heat proper drop. He's asking 22.9k, but I bet I could get it for $18k cash. My dad has given thought to going half into it and getting current again. Monday my dad and I plan to go check it out again and get into the logbooks. I'd like some opinion on the pictures, but I'm seriously considering putting a $500 deposit on it in the meantime. Onto the pics:

 

 

[Raptor05121]

Some possible hangar rash?













 

[Raptor05121]

 

Crack at the end of the left wingtip



 

[Raptor05121]

Info on the board.










 

[Raptor05121]

Looks like he grinding the tail skid a few times

Lot of rivets up here?



More hangar rash under the trim tab?

Looking up into the wind-up step



Right gear



Looking inside the right wheel well



This is what I am concerned about



 

[Raptor05121]

Time to run it up



That's all I have. I'm open for thoughts/discussion.

[RobertGary1]

Could be a great plane. And for the less than the cost of a single semester of college! (I no longer measure in AMU's until my kids are out of college )

 

 

-Robert

[rbridges]

That does look like old fuel stain. My plane still has a little of that color in the wheel wheels from the pre-bladder days. Do you think it has been patched? I would think it would be more blue if it were active.

[Raptor05121]

Someone on the Mooney facebook page says that stain will happen when auto fuel mixes with sealant. Someone else has commented about corrosion from a leaking window, but this aircraft has been hangared for the past 18 years. I guess I'll ask him about it on Monday

[ryoder]

That Mooney looks pretty nice.

[Marauder]

Looks decent from the pictures. Be certain, by pulling interior to check the spar and roll cage.

Sent from my iPad using Tapatalk

[N601RX]

Here is a similiar plane that has new bladders, new prop and lower time engine and same price. If accurately represented and has no problems it could make a good deal for someone. The interesting part is why the owner is selling. He has "had enough".

http://www.ebay.com/itm/1963-MOONEY-M20C-611-SMOH-13-SPOH-NEW-O-N-BLADDERS-NO-DAMAGE-N0-PROP-STRIKE/141732743725?_trksid=p2045573.c100033.m2042&_trkparms=aid%3D111001%26algo%3DREC.SEED%26ao%3D1%26asc%3D32294%26meid%3D4890f9e05cd84d8499bcfb7667ba35b8%26pid%3D100033%26rk%3D1%26rkt%3D4%26sd%3D141732743725