J Prices

[wayneferguson]

Hey everyone.  I'm an instrument rated private pilot and was wanting to get everyone's input.  Have M20J prices come down over the past few years?  I've been thinking that for me to buy a J equipped like I want (low-mid time engine, 430, AP, no tank leaks) I'd have to shell out 100k.  Now I've seen a few examples listed in the 70's. If I could score one for 60 something I think I could make that work with my budget.

Are these deals too good to be true?  Would it be possible to pick up a mid time engined J with a 430 and AP for less than 70k that did not have major issues?

[Bennett]

Building out my J to the way I want it cost well over $200,000, and it might cost even more to duplicate her today. She is not for sale in the near future, but I am reasonably certain that I can get $150,000 from a knowledgeable Mooney pilot, and they would be getting a very good deal.

I personally would be very wary of low priced Js.


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[Jeev]

I agree with Bennett.  Most of the examples I see in the $60-70K range would probably take at least $30-40k and a lot of time/headache to bring up to acceptable condition.  Also $150 for his J would be a GREAT deal!  You will be much better off buying a good example in the 85-100k range, as with anything in aviation a "bargain" is rarely found.  I suggest if you only have $60k to take a look at an earlier model Mooney or settle for a C or P brand until you have the cash for a J.  I promise that will make your aircraft experience more enjoyable.  I really want a C310 or a newish A36 now but with my current flying "budget" I would be streaching it for a nice example and totally blowing it if I bought a cheap example of either so I'm staying with my J that has been very good to me over the years, flying is not fun if you are stressing to find the $ for it. 

Edited December 2, 2016 by Jeev

[mike_elliott]

11 minutes ago, Bennett said:

Building out my J to the way I want it cost well over $200,000, and it might cost even more to duplicate her today. She is not for sale in the near future, but I am reasonably certain that I can get $150,000 from a knowledgeable Mooney pilot, and they would be getting a very good deal.

I personally would be very wary of low priced Js.


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Without a doubt, you have one of the nicest J's Bennett. Here is one to drool over one of my 19000 hr transition students just traded in on a 2105 Acclaim, which is also to drool over

brochure_1998_mooney_m20j_n9163q_24-3422_11292016.pdf

[wayneferguson]

Just now, mike_elliott said:

Without a doubt, you have one of the nicest J's Bennett. Here is one to drool over one of my 19000 hr transition students just traded in on a 2105 Acclaim, which is also to drool over

brochure_1998_mooney_m20j_n9163q_24-3422_11292016.pdf

I think I would sell a few organs for that plane.

[ArtVandelay]

I bought a 78J in 2014, I bought it for less than 70K BUT...

its avionics and interior were dated, it desperately needed an upgrade. Which I did within a year.

Its engine had 1600 hrs, I'm currently at 1950 and God willing I plan on going well past TBO.

The first annual and first year maintenance cost was 10K which included new landing pucks, muffler, overhauled gear actuator, all new hoses, new spark plugs, overhauled mags, and new LED lights. Only the muffler and hoses was unexpected.

...so would have it been better to pay more upfront? 

No Js for sale had modern avionics (GTN xxx, JPI 8xx, etc), so I got the what I wanted, how I wanted it. 

No Js had LED lights...

Owners are reluctant to spend money on maintenance when they aren't flying or selling, so most will need some major investment in the first year. Logs will tell you the story. 

The more hours I put on the engine, the better deal I got.  PPIs help, but there are no guarantees.  Rule of thumb is you need 10% cash in reserve for 1st year maintenance....I would use 15% if plane is less than 100K.

[jetdriven]

We had a similar buying experience but the engine cratered at 250 hours after we bought it and after was all said and done it was $33,000 before it flew again

Edited December 2, 2016 by jetdriven

[Rookie]

So Oct 1 this year I bought a '77 J with 1915 total hours on the air frame. 530 on an overhauled engine.

But just as TeeJay says, it has out dated electronics, interior is original so is the paint.

Just went through first Annual for less than 2K.

I bought it for less than 60K. I think if you look around there are J's in the 50K to 60K for a starter plane.

[KSMooniac]

There are plenty of quality/solid airframes around that have not been updated much, if at all. So long as you go into such a plane knowing that putting $50k into a $60k plane typically results in an $80k plane when it is time to sell, then you won't be disappointed.

However, if you wish to build your dream plane (like Bennett) and own/fly it for a long time, then you'll "get" your money out if it in enjoyment over many years. Starting with an un-upgraded plane in this case is great because paying for newer paint or interior that you want to change is silly. Ditto for one with a 430W if you ultimately want a GTN instead.

Just figure out what you ultimately want, and how long you might own it. Personally I think the J (and perhaps K) fit a real sweet spot in terms of useful speed and range, low operating cost, and reasonable purchase price. To go measurably faster or carry a lot more at similar speeds requires s LOT more in purchase and/or operating cost. Point bring you might not "outgrow" a Mooney and thus building a great one might be a great long-term decision.

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