Affordable, yes. But is it feasible

[WorldWalker88]

Is it feasible, possible, or REALISTIC for me to find a decent 1st Mooney (first owned aircraft ever, actually) for $25K or under? I can afford plane, space, maintence and future fixed costs in this range.

Mechanically sound, paint serviceable but dosen't have to be pretty (no one can see the worn sports @8000ft anyway), Decent panel that I can get my IFR and I don't care if the interior is "rough" as long as I can redo the door seals and improve it piece by piece.

I see them advertised on many sites. Most are repos or flat out scams. 

 

I want MY OWN Mooney but the reality is, I will only ever get to look at the Ovations.

 

I was thinking '65-'74 M20C or M20F.

Anyone have hard fast opinions on this? Positive or negative. Is this realistic?  

Thanks.

ptb

[N601RX]

Be very careful of planes in that price range.  An F would be out of the question.  There might be some older B's around.  When looking at planes in that range there is usually a reason they are that low.

Spar or tubular corosion-  Cost more to fix than the plane is worth.

Fuel tank leaks-  It cost around $8000 to have them resealed or install bladders.

Props-  If prop has not been changed out it has an AD that requires yearly eddy current inspection.  A new prop is about $8000.

Run out or cam corrosion in engine-  The cheapest field overhaul will be over $10,000.  Shop overhauls are around $20,000.

As you can see from this you can very quickly double your investment on a $25,000 plane and still have a plane with bad paint, bad interior and old avionics.  I would think you would be better off looking for a good B or C model that has already had these problems taken care of by someone else in the $35,000- $40,000 range even if that means waiting a while longer to get it or making sacrifices elsewhere.

[John Pleisse]

I cannot begin to over emphasize that the purchase price has little to do with ownership costs. You would easily have similar expenses on a 61' B as you would 74' F. Get the better plane and plan on similar costs. The mere notion of doubling your money buying an AC is possible, but more unlikely than not.

[carusoam]

WorldWalker,

Hard and fast opinion....

From your list, your best bet is the 65C.  Things newer and further up the alphabet begin to cost considerably more (or are more run out).  You may even consider the older Cs or Bs.

I started with 65C (11 years ago) as my first plane, very basic IFR, Short body, carbureted engine.  Great experience.

I think you know the challenge.  Find one that is not worn out or hiding an un-airworthy condition.

Good luck, don't skimp on the due-diligence such as pre-purchase inspection.  These are done to protect your  nest egg.

Best regards,

-a-

[WorldWalker88]

Thanks for the quick responses. That was supposed to be an E not an F, by the way.

I am aware of rebuild/overhaul costs. That is why I'm asking you guys if it is truly realistic.

To start my search at $10K higher, that would be going from inside, to tie down and unfortunately, I do not live in an Arizona climate, but in the land of ice & snow less than 3 sm from the lake.

 

[KSMooniac]

I don't think you'll find any Mooney (even an A model) in confident airworthy condition for $25k unless it is an extreme distress sale.  Minimum IMO will be $35k, and even then you'll likely run into examples that have been sitting un-flown and un-loved for quite a while, which will mean some significant first-year de-squawking will be required to get it up to par.  For a good E or F, I think you'll need to be in the $40k range for a serviceable IFR example.

If you're on the edge of affordability, I'd be more concerned about unplanned/surprise maintenance events leaving you financially grounded.  You mentioned you want your own Mooney, but have you considered a partnership?  1/2 is better than none!

[scottfromiowa]

I don't think a $25k budget is feasable...but $50k is.  Get a partner.  ALL fixed costs insurance, hanger/tie down, annual and stuff that breaks...and it will...will be 1/2!  I bought a 66E.  Hanger queen.  I needed to overhaul the engine (case half separation/oil leak) and mis-represented (shame on me) major that was really a  camshaft replacement.  I love my plane, but I have replaced just about every mechanical and electrical item...and you WILL want to upgrade. (panel/strobes/shoulder harnesses etc...) I am in process of getting a 50% partner...7 1/2 years late.  Find someone else that shares your passion and have fun!...and get a Mooney Service Center Pre-Buy or walk away.

[N9937c]

I don't know of another way to put this:

I HOPE LIKE HELL YOU CAN'T FIND A DECENT MOONEY FOR 25K.  THE MARKET IS BAD BUT I THINK (PRAY) IS BETTER THAT THAT!!!!!!!!!!!!!!!!!!!!!!!

larry

[stevesm20b]

There are a number of older "C" models for sale under 30,000 at controller.com and one for under 25,000 but its kind of rough. I looked at a few before I bought mine. They are a couple that are not bad.

[N33GG]

IMHO... the only way it makes sense to buy a 25K Mooney is if you are a gambler, and can really afford a 50K Mooney if things don't go your way.  Sorry, and good luck if you decide to roll the dice.

[N33GG]

If you can't afford a 50K Mooney... DON'T DO IT.

[markeg1964]

Here is my advice: 

A little over five years ago I purchased a Cessna 170A for just under $30,000.  During the first three years of ownership I spent around $20,000 in repairs and improvements.  Then about six months ago I traded the 170A for a M20B.  We put a value on the trade of just under $30,000 based on the Vref value of each plane.  The Mooney is really nice for a B model with an updated panel, paint, avionics along with some nice mods.  The bad news is it will need the engine overhauled in a year or two – another $20,000. 

It didn’t bother me to spend the $20,000 on repairing and upgrading the Cessna because I ended up with a really nice plane.  I’m also happy to spend another $20,000 on the overhaul on my M20B because it is a really nice plane.  However… If I was to add everything up I have $50,000 invested in my M20B and will end up with $70,000 once the engine is overhauled.  This for a plane that would sell for around $30,000 today (if I was lucky), and maybe in the upper 30s once the engine is overhauled.   I could be flying a nice E or an average F for the same money.

With all that in mind, I would do it all over again.  I did it without any loans.  Had I started with a $50,000 plane I would have needed to finance part of the purchase.  I’m also sure I would not have started with a Mooney as my need for speed prompted the trade.  So, if your budget is $25,000 because that is all you want to spend, I would recommend a Cessna 150.  However, if you don’t mind spending $5,000+ per year and hate debt, you might consider an early C or B.  If I were starting with an early C, I would spend at a minimum around $35,000 because a plane in the 20s would scare me.

[1964-M20E]

Well I bought my E last year in the mid $20's.  Interior is decent, needs paint, glass is good, all digital radios, IFR capable (pilot is not) and IFR GPS with non precision approaches, no AP, manual gear, manual flaps.  I spent about $10k on the owner assisted annual earlier this year which included new exhaust, electric fuel pump, baffling and a number of other miscellaneous parts.  I upgraded it to the plane power alternator late last year.  Yes I would like to have an F model similarly equipped (F’s were all a min $20k more with much older radios) for the added leg room in the back but most of the time I’m by myself or one passenger.

Is this a perfect bird?  No.   Does it meet my mission? Yes.  They are out there just do not be in a rush and when you find one get it checked out and pull the trigger.  You can spend the money up front or you can spend it a little each year your choice.

Who is to say if I spent $40k or $50k on a plane I would not have put in the same amount of money at the annual.  The way I see it is I’m ahead of the game. 

 

[rbridges]

If you can find a partner (or two) that have a nice mooney in your price range, that would be ideal.  I know there are a lot of downsides to partnerships, but the odds are stacked against your having a pleasant experience.  I am a sole owner of my mooney, but I'd jump on a partner if the opportunity came along.  I pay for everything myself (hangar, insurance, annual, maintenance, taxes).  Although I can fly anytime I want (since I don't have a partner using it, too), it sits in the hangar 99% of the time.

you mentioned keeping it outside.  I did that for a few months until a closed hangar came available.  Night and day difference.   More $$, but the convenience of keeping tools near the plane and knowing it's out of direct weather are worth it.  I know some busier airports having hangar waiting lists that are years long.  This would be another advantage of slipping in with someone else.