Thoughts on value of this M20C

[mizer2167]

https://www.trade-a-plane.com/search?category_level1=Single+Engine+Piston&make=MOONEY&model=M20C+MARK+21&listing_id=2331685&s-type=aircraft

Looking for my first plane. I've been looking at Mooney's recently and the short bodies fall into my price range and mission requirements. This one just popped up online above.

1966 M20C with good paint, newer interior and a a GTN 650 and GTX 345 with WAAS for ~$30K.

The bad news is it needs a cam. I was thinking with the 1,100 engine hours if I were to buy it, I might as well do a MOH. Given the recent top OH, I assume it's possible also just to IRAN the motor and fly on. So I'm thinking $23K - $25K all-in on the OH, including the accessories, minus the prop, since it was recently done. It may be possible to do the OH a bit less expensively if I can find a good A&P, but being new to this I don't really have any contacts.

With that stack, which is more than I really need, as well as good interior and paint, it seems like it's within shooting range of being a decent deal that would fit within my budget and could be flown for a long while before I'd need to spend any more $ on any of the "big three" (avionics, engine, paint). It could use an autopilot for later, but I'm VFR so it's not a concern right now for me.

I'd appreciate hearing what others think. Obviously a pre-buy at somewhere like Maxwell is in order, if it's flyable. Need to check.

Edited December 4, 2018 by mizer2167

[orionflt]

What i see initially looks like it could be a decent buy, I definitely would do a though prebuy and a though look through the logs. it does have damage history back in 68 and 73 but that is a non issue at this point. as for the engine, I would just do an IRAN.

Brian 

[gsxrpilot]

Where are you located? You should fill out your profile so your avatar has a bit more information. It makes it easier to help out.

You might also consider JD at SWTA for a pre-buy as well. He's not Don Maxwell, but then nobody is. But SWTA is a solid MSC with a great reputation. He might also have some good options for you on the cam issue.

At first glance, this one appears to be priced pretty well. Figure there's a little room for negotiation, and it could be a good buy.

 

[DXB]

Wow sad to see a plane with 1100 hours in the last 4 years since overhaul with a spalled cam.  You just can't win.  

[Yetti]

Could you supply worse pictures to try and sell a plane?   Going by the pictures it looks like a nigerian scam.

[steingar]

I dunno, maybe its just me.  If I were thinking about an aircraft that needed that much engine work, I'd want a much bigger break in the price.  I suspect one can get an M20c with a perfectly good engine for not much more than that.

[orionflt]

1 minute ago, steingar said:

I dunno, maybe its just me.  If I were thinking about an aircraft that needed that much engine work, I'd want a much bigger break in the price.  I suspect one can get an M20c with a perfectly good engine for not much more than that.

needs a lot of engine work but has a nice avionics suite, kinda offsets the the value. I agree that it should be negotiated down but it is a fair place for the seller to start.

[steingar]

2 hours ago, orionflt said:

needs a lot of engine work but has a nice avionics suite, kinda offsets the the value. I agree that it should be negotiated down but it is a fair place for the seller to start.

Its got avionics, but no autopilot that I can see and no WAAS.  Dunno about the condition of the tanks either.  If nothing has been done to them they'll leak eventually.  And what kind of pencil whipped annual are they trying to sell you?  Who annuals an aircraft with no discrepancies with known engine issues?

Like I said, I might sniff due to the sexy avionics.  But I wouldn't bite at that price.

[orionflt]

31 minutes ago, steingar said:

Its got avionics, but no autopilot that I can see and no WAAS.  Dunno about the condition of the tanks either.  If nothing has been done to them they'll leak eventually.  And what kind of pencil whipped annual are they trying to sell you?  Who annuals an aircraft with no discrepancies with known engine issues?

Like I said, I might sniff due to the sexy avionics.  But I wouldn't bite at that price.

GTN 650 is WAAS,  I agreed no auto pilot is a negative, and if you read my comments I said you have to do a though prebuy to see what is an issue. if you consider the starting price plus engine you get the approximate value in flying condition as equipped. I am sure there are other things that a prebuy will identify that will change the price. hence a fair starting point.

Brian

 

[kris_adams]

My IRAN ended up costing me $10k to the engine shop and about $3k for other miscellaneous expenses including removal and re-installation.  This looks like a really nice bird that you may be all in at $40k if things go your way.  That'd be a good buy in my book...probably a great buy.  Good luck!

[mizer2167]

Thanks everyone for your responses.