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Looking to buy my first plane and need some advice


Ranger_Chris61

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Been lurking these boards for a few months now before finally joining and am looking for some advice/tips/things to look out for in purchasing my first plane. I am looking at buying so as to get out of the money pit of renting for doing my IFR/Comm/CFI/etc with ultimate end goal being a ATP rating. What I am looking for is help with the entire process, as given the amount of money being involved with this I feel it would be a good idea to seek help and be overly cautions than make a mistake that could cost thousands. The areas that I feel I need the most help in are financing (sources, things that a looked at and considered, etc.) and insurance (companies that provide aircraft insurance, what items that are factored into the quote, and so one). I was also interested in recommendations of where to get the prebuy done.

 

At current I have just shy of 100 hours total time, with 4 hours in my school's M20J to get my complex endorsement and most importantly to see if I would even like a Mooney, which I did. My primary mission would be myself (275lbs) + one instructor (150lbs) and full fuel, and is fully IFR equipped. In addition it must also have a transponder, due to being based inside of KSAN's mode C veil and just outside of KLAX's. As a secondary mission I would like to be able to carry myself + two passengers (300lbs) + baggage (50lbs) and as much fuel as possible.

My equipment wish list is as follows:

  • Sub 5000 total time on the air frame
  • low to mid time engine
  • Electric gear control
  • GPS Navcom with WAAS
  • Com 2 would ideally be digital with standby functionality, but is not a deal breaker. (second GPS Navcom would be a plus)
  • Mode C enabled transponder (though would like one with ADS B out and prefer one with ADS B in)
  • Would prefer a throttle quadrant (I know alot of people say the push rod style is more precise but this one is just personal preference)
  • Would HEAVILY prefer a 3 blade prop and would love a 4 blade prop

 

Now I have found several possibilities that I would like people's opinions on, both as legitimate aircraft to consider buying and to help give a better idea of what I am looking for.

1) http://www.trade-a-plane.com/search?category_level1=Single+Engine+Piston&make=MOONEY&model=M20E&listing_id=2243635&s-type=aircraft

This one is the cheapest of the ones I have found, having a good number of the things I am looking for without breaking the bank. Obviously the interior needs some TLC, in fact I think I can hear the 70's calling wanting their interior back. This I am not super concerned with as for my purposes it is something I can make do with until the time comes to sell/trade up. From the photos provided the engine does appear to be well cared for and should not be a source of potential issues. What I am concerned with this listing is that after doing some digging I found a older ad for this plane that lists 3 separate gear up incidents in its life, with the most recent occurring in 2006. My concern here is two fold, first is repeated gear ups a potential sign of something more serious and two how much this affects the purchase price and how much it will affect the resale. At current I personally would not see paying more than $25K for it.

 

2) http://www.trade-a-plane.com/search?category_level1=Single+Engine+Piston&make=MOONEY&model=M20J+201&listing_id=2232264&s-type=aircraft

Similar to the first one but a J model. This one has alot of what I am looking for however it does have a high time engine so that is a concern, That and its naked.

 

3) http://www.controller.com/listings/aircraft/for-sale/1454175/1982-mooney-m20k-231se

What I would consider all in the max I would ever consider spending an that is with me living like an absolute pauper and pinching every possible penny.

 

4) http://www.controller.com/listings/aircraft/for-sale/1440983/1990-mooney-m20m-bravo

Well over budget but has everything I am looking for.

 

5) http://www.controller.com/listings/aircraft/for-sale/1458865/2000-mooney-m20s-eagle2

What I would consider perfectly equipment and has all of the functionality I would want. No way I can afford it short of it being priced absurdly below market value ($220k+ range if vref is to be believed.

 

So that is about where I am. Any and all comments, thoughts, opinions, and advice would be greatly appreciated.

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I believe Mooneys with non vernier throttles are pretty rare.

You're aware that the "push rod" style is really more for twisting?

I find at least for prop and mixture I never push/pull, you need the finer twist motion. And probably the only time I push the throttle is at take off, everything else is twist... can't imagine going back to a quadrant like my old arrow....


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Welcome aboard Ranger Chris.

1) ordinary gear up accidents can be repaired properly.  Some sellers may not have had an ordinary gear up accident, so it is up to the buyer to know before purchasing.  Look up PPI,  pre purchase inspection.

2) why do you want a TC'D engine.  This is something you need to answer for yourself. If you use high DA airports a lot, it makes  a lot of sense.

3) Bravos are great cross country machines.  Out of your budget is out of your budget.  Want to discuss turbines next?

4) A Screamin' Eagle would be my preferred choice. But you said out of budget already... lets talk about turbines....?

5) Try to answer the TC vs NA vs TN question first.  It will help cut your work load down...

6) Try to answer your load requirements.  That will help cut out a few other planes....

7) damaged, repaired, NDH...  you need to decide.  If you buy one with damage history, you get a discount.  When you go and sell it, you give the discount...  it is highly market dependent...

Best regard,

-a-

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25 minutes ago, carusoam said:

Welcome aboard Ranger Chris.

1) ordinary gear up accidents can be repaired properly.  Some sellers may not have had an ordinary gear up accident, so it is up to the buyer to know before purchasing.  Look up PPI,  pre purchase inspection.

2) why do you want a TC'D engine.  This is something you need to answer for yourself. If you use high DA airports a lot, it makes  a lot of sense.

3) Bravos are great cross country machines.  Out of your budget is out of your budget.  Want to discuss turbines next?

4) A Screamin' Eagle would be my preferred choice. But you said out of budget already... lets talk about turbines....?

5) Try to answer the TC vs NA vs TN question first.  It will help cut your work load down...

6) Try to answer your load requirements.  That will help cut out a few other planes....

7) damaged, repaired, NDH...  you need to decide.  If you buy one with damage history, you get a discount.  When you go and sell it, you give the discount...  it is highly market dependent...

Best regard,

-a-

re 2) I was looking at TC'd engines few a couple of reasons. The first is because of the high summer heat we get out here in socal and with the high DA, 3-4K at sea level. Hell had one instance during my PPL training of being about 2/3rds of the way down the runway at KRNM before finally getting airborne in a 172. I was also looking at it because of the high MEAs this side of the Rockies. Lastly because of where I am, in between two class Bs, having the option of getting over them so as not have to deal with them would be a plus.

re 3/4) Don't see how a turbine would be something in budget but would be interested if there are some

re 5) I was not aware of a difference between Turbo charged and Turbo normalized. My understanding was that they were simply two different ways of describing the same thing, IE tomato/tamato

re 6) My loads are as I said most likely going to be under 75-90% 900lb+ load, mostly due to my large backside, and hence why the m20k with the 3200 gross STC is so attractive.

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57 minutes ago, Ranger_Chris61 said:

Been lurking these boards for a few months now before finally joining and am looking for some advice/tips/things to look out for in purchasing my first plane. I am looking at buying so as to get out of the money pit of renting for doing my IFR/Comm/CFI/etc with ultimate end goal being a ATP rating. What I am looking for is help with the entire process, as given the amount of money being involved with this I feel it would be a good idea to seek help and be overly cautions than make a mistake that could cost thousands. The areas that I feel I need the most help in are financing (sources, things that a looked at and considered, etc.) and insurance (companies that provide aircraft insurance, what items that are factored into the quote, and so one). I was also interested in recommendations of where to get the prebuy done.

 

At current I have just shy of 100 hours total time, with 4 hours in my school's M20J to get my complex endorsement and most importantly to see if I would even like a Mooney, which I did. My primary mission would be myself (275lbs) + one instructor (150lbs) and full fuel, and is fully IFR equipped. In addition it must also have a transponder, due to being based inside of KSAN's mode C veil and just outside of KLAX's. As a secondary mission I would like to be able to carry myself + two passengers (300lbs) + baggage (50lbs) and as much fuel as possible.

My equipment wish list is as follows:

  • Sub 5000 total time on the air frame
  • low to mid time engine
  • Electric gear control
  • GPS Navcom with WAAS
  • Com 2 would ideally be digital with standby functionality, but is not a deal breaker. (second GPS Navcom would be a plus)
  • Mode C enabled transponder (though would like one with ADS B out and prefer one with ADS B in)
  • Would prefer a throttle quadrant (I know alot of people say the push rod style is more precise but this one is just personal preference)
  • Would HEAVILY prefer a 3 blade prop and would love a 4 blade prop

 

So that is about where I am. Any and all comments, thoughts, opinions, and advice would be greatly appreciated.

Ignoring the planes you listed, you just described my M20-C! Even has a 3-blade prop. (Sorry, you can't have her . . . )

For throttle quadrants, look for C, E and F from 67-68 up through 78. Even the 77 J had a quadrant. The F comes with a huge pistol grip throttle, too. Flaps and gear went all electric in 69, but were an option for several years before that. There are probably very few (if any) Mooneys without transponders, it's too hard to travel like that any more.

Add up your weights:  275 + 300 + 50 = 625 lb plus fuel. My C has 970 lb useful load - 300 lb fuel = 670 lb. That would do your mission plus 45 lb of extra stuff. That's 5:30 minutes fuel; I've flown 4:40 and had another 1:20 when I filled up. A 2-blade prop will increase the useful load; it's not uncommon to find J models with 1000-1100 lb, but they carry an additional 14 gal = 84 lb of fuel when filled, or fill to 300 lb and take your load and an extra 129 lb of stuff . . .

I've only seen one Mooney with a 4-blade prop. Erik has a Rocket (a K model converted by Rocket Engineering--bigger engine, bigger turbo, etc.; they also used to convert J models into Missiles by replacing the IO-360 with an IO-550). Maybe he will,chime in here.

Happy hunting! And good luck weeding through all of the contradictory advice you'll get here, as everyone plugs their own plane as the best option.  :lol:  I've already done that . . .

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5 minutes ago, Ranger_Chris61 said:

re 2) I was looking at TC'd engines few a couple of reasons. The first is because of the high summer heat we get out here in socal and with the high DA, 3-4K at sea level. Hell had one instance during my PPL training of being about 2/3rds of the way down the runway at KRNM before finally getting airborne in a 172. I was also looking at it because of the high MEAs this side of the Rockies. Lastly because of where I am, in between two class Bs, having the option of getting over them so as not have to deal with them would be a plus.

re 3/4) Don't see how a turbine would be something in budget but would be interested if there are some

re 5) I was not aware of a difference between Turbo charged and Turbo normalized. My understanding was that they were simply two different ways of describing the same thing, IE tomato/tamato

re 6) My loads are as I said most likely going to be under 75-90% 900lb+ load, mostly due to my large backside, and hence why the m20k with the 3200 gross STC is so attractive.

Carusoam's comment about a turbine was his attempt at making a joke about your wandering all over the Mooney market. Most of us would love to own a new Mooney, but laying out >$700k for a new Mooney isn't in the cards for most of us. You need to start with the absolute amount of money that you can afford to pay in cash or get a loan on. Then, plan on having $10K in reserve to correct the stuff you will find after purchase or to add things you need/want.

Turbocharged is boosting above current MP and turbonormalizing is maintaining MP until you hit a certain altitude.

At one point I weighed close to 300 lbs. No problems in my F. 

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1) Hot days and Rocky Mountains are why people want compressors...  Flying around the east coast, it would help to have one for climbing over some Class B areas...

2) A TC'd engine has a low CR compared to a TN'd engine.  Losing an intake hose on a TC'd engine may require descending before re-lighting the fire.  Losing a hose is not normal for a factory built engine/airplane, but the CR of the TN'd engine gives you something to think about...  

3) There are a few people around here that have added a TNs to their IO360s.  There is also a person that has a TN that has been OH'd and is for sale... 

4) a 310hp IO550 is similar to having the extra compressor hardware.  Climbing over Class B is pretty quick, but there is a limit to how much excess power is available as you go higher up.

5) definitely study UL loads on each bird.  The limitations come up for various reasons.  Some planes got easy paperwork upgrades, others are not able to be improved.  Some older C's, Es and Fs have really good ULs.  Some ULs have improved by upgrading all the old junk in the panel...  there are plenty of discussions to be found on pilot sizes.  Mooneys are equal opportunity airplanes.  They fly with all pilots regardless of girth... or height.

6) turbines are out of my range... but if you want to talk about things that are out of range, I have some info...

7) my first plane I bought with a very short horizon.  I couldn't afford to spend on something I didn't know if we could use it as expected.  The second plane we bought, the mission was well known, the horizon was long.  A loan was the way to go...

8) know your mission, know your family, know your costs... acquire the plane that meets those...

Best regards,

-a-

 

 

 

 

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I am a first year owner so these guys have a lot more useful long term info.  My experience is very limited but some of these guys really know their stuff.

When purchasing they will usually require 15% down.  If it's over $50k they will want a professional evaluation such as a PPI.  There are a few financial institutions that deal in aircraft.  There's some threads on here with that info.

I don't have much faith in old electronics. I've had too many fail so be sure to have some funds to fix problems that come up.  

Seems that the first year owning a plane is the most expensive as some have said.  Especially if it wasn't flown regularly.  

Don't count on getting extra money you spend on the electronics or upgrades to come back to you.  It seems to me like all the avionics upgrades I did might bring about 1/3 of the cost of upgrades plus hull value if I were to sell it.  That's a vague statement that will get some bashing I'm sure.   But knowing that, I'd still buy the plane I have. I'm doing commercial training in mine right now. I don't have to schedule at the flight school.  I can take a lesson, go eat some lunch and come back and go practice some more of I want.  If I have to take a trip for work or to see family I just hop in and go.  

There's a some repairs you can do yourself to keep the costs down with the help of an aircraft inspector. 

I don't know if you'll hangar it or not but that will be $2k-$3k.  So with a $50k plane you will put around $8k down and with hangar you'll be about $1k a month plus gas and instructor. 

Insurance will run around $2k a year I'd guess based on your time and ratings and you pay it up front. 

My suggestion since your wanting instrument is to get a current instrument rated pilot to fly at least right seat in the plane and try out all the equipment. I suggest finding a Mooney owner close to you to see if they'd be able to help you out.  That shiny new plane tends to glaze over our senses when we find a plane that makes you over look things that you kick yourself for later.  A current Mooney owner will help remove the glaze so you can see clearly.  

Dont get in a rush.  I love my plane but there was an F that was listed here that I would had more of what I wanted but there's a lot to say about poking around and finding my plane up the block.

Tim

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Your name says it all--you should get an M20-C Ranger, with the (non-vernier) throttle quadrant, electric gear and electric flaps. I get 147-148 KTAS and usually 9 gph block time at 8000-10,000 msl and 2500. I back the throttle off just enough to make the MP needle move, which disengages the auto enrichment circuit in the carburetor, then lean to my desired ROP setting. At this altitude, I can safely run peak to 25° Rich

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Have not been on in a few days but have read through peoples posts.

 

On 11/22/2016 at 0:25 AM, Pictreed said:

I am a first year owner so these guys have a lot more useful long term info.  My experience is very limited but some of these guys really know their stuff.

When purchasing they will usually require 15% down.  If it's over $50k they will want a professional evaluation such as a PPI.  There are a few financial institutions that deal in aircraft.  There's some threads on here with that info.

I don't have much faith in old electronics. I've had too many fail so be sure to have some funds to fix problems that come up.  

Seems that the first year owning a plane is the most expensive as some have said.  Especially if it wasn't flown regularly.  

Don't count on getting extra money you spend on the electronics or upgrades to come back to you.  It seems to me like all the avionics upgrades I did might bring about 1/3 of the cost of upgrades plus hull value if I were to sell it.  That's a vague statement that will get some bashing I'm sure.   But knowing that, I'd still buy the plane I have. I'm doing commercial training in mine right now. I don't have to schedule at the flight school.  I can take a lesson, go eat some lunch and come back and go practice some more of I want.  If I have to take a trip for work or to see family I just hop in and go.  

There's a some repairs you can do yourself to keep the costs down with the help of an aircraft inspector. 

I don't know if you'll hangar it or not but that will be $2k-$3k.  So with a $50k plane you will put around $8k down and with hangar you'll be about $1k a month plus gas and instructor. 

Insurance will run around $2k a year I'd guess based on your time and ratings and you pay it up front. 

My suggestion since your wanting instrument is to get a current instrument rated pilot to fly at least right seat in the plane and try out all the equipment. I suggest finding a Mooney owner close to you to see if they'd be able to help you out.  That shiny new plane tends to glaze over our senses when we find a plane that makes you over look things that you kick yourself for later.  A current Mooney owner will help remove the glaze so you can see clearly.  

Dont get in a rush.  I love my plane but there was an F that was listed here that I would had more of what I wanted but there's a lot to say about poking around and finding my plane up the block.

Tim

 

 

I had already planed for 15%-20% no surprise there and had planed to get a PPI in all cases simple to make sure that it is in good working condition and the obvious fact could save thousands. I also agree with you on old electronics and the potential for failure, but there is not much you can do about it beyond making sure the person doing the PPI does a good job. As for upgrades my understanding from what I have seen here and else where that the only items that you will get your money back on, and could potential increase the value, is doing the interior and a fresh coat of paint. If any one has suggestions on upgrades that they have found do add value or at least don't lose value significantly I am welcome to hear suggestions. As for parking I am planning for a basic tie down as around where I live here its about $50 a month, though would like to hear peoples experience with the difference in maintenance and insurance costs with getting a hanger and if they difference is worth the added cost. As for being in a rush, the way I see it it is a bit of a catch 22, on the one hand the sooner I get my own the sooner I can save some money on my flight training but it would potential mean having to settle for something that is not ideal. On the other hand I wait for the right plane that is 100% of what I am looking for but end up spending more by continuing to rent. So it is a little frustrating trying to balance the two.

 

23 hours ago, Hank said:

Your name says it all--you should get an M20-C Ranger, with the (non-vernier) throttle quadrant, electric gear and electric flaps. I get 147-148 KTAS and usually 9 gph block time at 8000-10,000 msl and 2500. I back the throttle off just enough to make the MP needle move, which disengages the auto enrichment circuit in the carburetor, then lean to my desired ROP setting. At this altitude, I can safely run peak to 25° Rich

Why that does sound nice I am shying away from Cs due to the the fact they are not fuel injected.

 

Two other questions that came up in the last few days that I was wondering about. The first is what have been people's experiences been with renting out their mooneys? I was speaking with a financial planner and one of the things he mentioned was the idea of renting it out to help bring in income to offset costs and was wondering what people have found they could get. The second is in my search I have found a fair number of potentials that lack a six pack instrument arrangement and I was wondering what it typically cost to get a instrument panel redone.

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Great questions.  You are not the first to go down this path...

unfortunately the insurance companies have been down that path before you.  Know that it is going to cost a lot to use your plane as an income provider...

when talking about saving money on renting verses buying, focus on buying the right plane.  Getting the wrong plane can cost a whole lot more than your hourly rentals.

Is your financial planner at all knowledgeable regarding aviation?

We have one around here that flies a Missile...  We also have lawyers and insurance people that fly Mooneys...

Finding the right plane takes a fair amount of effort.  With the economy improving it is going to get more challenging.

 

Best regards,

-a-

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Here is the deal, if you think renting is a money pit, you're not ready to buy an airplane. As simple as that. Be ready to spend 2 times as much owning as renting, maybe 3 to 4 times your first year. Renting is always cheaper, good rule of live by, if it flies, floats and fornicates, rent it, it's cheaper in the long run. You only buy for convenience. I have to disagree with Anthony, there is no such thing as right airplane, unless you buy one from me when I get bored with it (well, and few other members on this board), and then still the 2x rule will still apply. The rest of pilot/owners are CSOBs and you will end up with a money pit. Or you can buy a brand spanking new Turbo 206, with warranty, and still end up writing close to $30K worth of checks your first year fixing various issues because Cessna apparently hires spider monkeys to assemble aircraft but the best attorneys money can buy to write the warranty contract.

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On 11/22/2016 at 10:45 PM, N1395W said:

I've owned 2. Neither had a vernier throttle.

Ditto. I replace all 3 cables a year ago. McFarlane makes a verier throttle but I did not think I would like it. Prop and Mixture are vernier, Throttle has a friction hand nut.controls.jpg  

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15 hours ago, Ranger_Chris61 said:

I also agree with you on old electronics and the potential for failure, but there is not much you can do about it beyond making sure the person doing the PPI does a good job.

As an non-A&P/IA, barely a freshly minted private pilot, how exactly do you plan to accomplish that ?

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23 hours ago, AndyFromCB said:

Here is the deal, if you think renting is a money pit, you're not ready to buy an airplane. As simple as that. Be ready to spend 2 times as much owning as renting, maybe 3 to 4 times your first year. Renting is always cheaper, good rule of live by, if it flies, floats and fornicates, rent it, it's cheaper in the long run. You only buy for convenience. I have to disagree with Anthony, there is no such thing as right airplane, unless you buy one from me when I get bored with it (well, and few other members on this board), and then still the 2x rule will still apply. The rest of pilot/owners are CSOBs and you will end up with a money pit. Or you can buy a brand spanking new Turbo 206, with warranty, and still end up writing close to $30K worth of checks your first year fixing various issues because Cessna apparently hires spider monkeys to assemble aircraft but the best attorneys money can buy to write the warranty contract.

Have you heard that  folks have had quality issues with the new Cessna products?I have not heard anything one way or the other, but the reason I ask is I have a friend who is considering a new or nearly new T206.

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... there is no such thing as right airplane, unless you buy one from me when I get bored with it (well, and few other members on this board), and then still the 2x rule will still apply. The rest of pilot/owners are CSOBs and you will end up with a money pit.


These comments just struck me as odd; I'm unsure what your judgement is based on. From what I've seen and read around here a lot of MSers are passionate about their planes and spend plenty of time and money both maintaining and improving them. Many of our planes are 30-50 years old, and yes they require TLC but I can honestly state that my '78 J is no money pit. Many of us can't afford a newer plane or extensive panel upgrade but still we're flying safe, efficient, and airworthy aircraft. I'm a proud member of the CB club but that doesn't mean I cut a single corner with maintenance or safety. For me being a CB just means more money is left over for fuel (more trips and training). Sure, I've got a few cracks in the interior panels and the like but you won't find a single "inop" placard anywhere. I've seen several member's planes in similar fine condition.


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Before I got married back in the 1970s I evaluated the options. After careful financial modeling I determined I wanted and could afford a mid 1950s model, not fancy but well-equipped with the basic features. I looked around at what was available, did careful pre-commitment inspections, ran financial, criminal and health record evaluations. When possible I made a test flight or two.  (perhaps I should have used a pro but chose to do that myself)  I created a matrix to compare the finalists and used a weighted scoring system to select the optimal candidate. 

Right...

Over-analysis is a common sin observed here on Mooneyspace --these planes are all unique after 30-50 years and you have to quickly evaluate and place a deposit on a good one when it becomes available.  

 

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no way, now how would I let people rent my mooney.  You don't let people slam the door, you don't step on the flap, you manage the engine carefully, and you try not to land like a noob.  You think someone renting is going to care?  Wait until that first expensive part breaks, and everyone gives you the "deer in the headlights" stare when you ask how it happened.

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Interesting comment about the carburetor I can see if it's the 20 less HP but if it's a reliability concern you should not worry,  those simple carbs are stone reliable and very easy to start and deliver very consistent performance. In fact I think I have read lots of threads here having something to do with a fuel injection problem and can't recall many if any about a problem with the carburetor. There might have been one. A M20C is a fine airplane that can give you a lot of bang for the buck just ask any of us C owners. Or former C owners.

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On 11/23/2016 at 11:05 PM, Ranger_Chris61 said:

I had already planed for 15%-20% no surprise there and had planed to get a PPI in all cases simple to make sure that it is in good working condition and the obvious fact could save thousands. I also agree with you on old electronics and the potential for failure, but there is not much you can do about it beyond making sure the person doing the PPI does a good job. As for upgrades my understanding from what I have seen here and else where that the only items that you will get your money back on, and could potential increase the value, is doing the interior and a fresh coat of paint. If any one has suggestions on upgrades that they have found do add value or at least don't lose value significantly I am welcome to hear suggestions. As for parking I am planning for a basic tie down as around where I live here its about $50 a month, though would like to hear peoples experience with the difference in maintenance and insurance costs with getting a hanger and if they difference is worth the added cost. As for being in a rush, the way I see it it is a bit of a catch 22, on the one hand the sooner I get my own the sooner I can save some money on my flight training but it would potential mean having to settle for something that is not ideal. On the other hand I wait for the right plane that is 100% of what I am looking for but end up spending more by continuing to rent. So it is a little frustrating trying to balance the two.

 

The mooney is a great cross country plane.  Getting your instrument rating would be awesome if you can go that route.  I would suggest finding a plane with an autopilot and IFR certified GPS such as a Garmin 430.  Those are probably the 2 most expensive items to add to a plane; much cheaper to buy it already installed. Engine monitor is 3rd on my list but you can add it later.  GPSS is nice to have IMO, but I wouldn't skip over a good plane for not having it.  This applies to a lot of other planes if you decide not to get a mooney. 

In reality, I don't think owning is cheaper than renting in most cases.  What you get is convenience and control over the aircraft.  Your insurance will be pretty high if you buy a mooney as a student.  Don't feel rushed to get a mooney for the "saving money" aspect because I don't really think it's there.  

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Hot start is about knowing how.  it is not an issue.  Being based at a popular lunch stop.... it is amazing how many people don't know how to start planes.

An F would do your weight and passengers and luggage with 52 gallons of fuel.    Can't do that in a 172

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