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Serious about buying a M20J Mooney from NJ... get a rope! Haha!!!

SteveC

By SteveC
in Modern Mooney Discussion

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ArtVandelay Grand Master

ArtVandelay

Posted
Posted
Check Barnstormers too.  I saw this ugly J for 52k.  Leaves you tons of meat on the bone to add most of the goodies that [mention=11970]gsxrpilot[/mention] mentions.

Custom cowling. That’s an awfully low price, makes me wonder why?

Just for comparison here is another with same cowling, $160k!

 

https://www.trade-a-plane.com/search?category_level1=Single+Engine+Piston&make=MOONEY&model=M20J+201&listing_id=2374469&s-type=aircraft#

jetdriven Grand Master

jetdriven

Posted
Posted
11 hours ago, Seth said:

It may be ever so slightly high like you said, however it's not that high.  It used to be high.

-The 172 and PA28 aircraft have been scooped up the last 3-4 years for flight schools to get pilots into the system for the pilot shortage that was real until COVID19, and will be real again in a few years as retirements continue and demand picks back up.

-The high price due to demand of used 172 and PA28 aircraft caused those buyers to go elsewhere for their first airplanes as they could get a $50-$60k 172 or PA28 . . . or a M20C/E/F.  These aircraft have since increased in price due to not as many good ones being on the market.  In turn, people started buying M20J's, and those have jumped up as well.

My Missile as an example is an 1983 M20J-300.  Just a few years ago I'd say it was worth $135,000 to the right buyer, would sell in a short time for $125,000 and I'd give it away for $115,000 tomorrow if needed.  Now, that's just not the case.  With it's new prop and overhauled engine, it's worth every penny of $150,000, likely closer to $160,000 for the right buyer.  

Thus a 1994 J without the Missile mod, 11 years newer on the airframe, one of the last years the M20J was produced?  $135k may be a touch high, but for the right buyer, it's in the ballpark and thus justifies why I think my airplane is now worth more.  

The good airplanes are not seeing a price reduction during this downturn.  They may soon, but for now they are not.

-Seth

A 1994 M20J in normal condition, yes. But this one has no ADS-B, needs paint now, and an engine before long. It has a S-TEC autopilot, not the more desirable KFC150, and the interior is original with severely yellowed plastic.  The ailerons are hail damaged. We made a trip to that place to see this plane and it was apprarent from 20' away how bad of shape its in. To make this thing nice, you're out 135K for the plane, 18K for paint, 38K for an engine, 5K for ADS-B,  and 10K for interior rehab. Thats 206k and you still have a steam gauge 430 201. . which would buy the nicest 201 in existence, which has GCF500nxi, GTN750, GFC500, new paint, interior, engine. Thats N205J.  Its siginificantly overpriced. Garrison's calculator has it at 116K, which, to me, seems about right.

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Seth Grand Master

Seth

Posted
Posted
4 hours ago, jetdriven said:

A 1994 M20J in normal condition, yes. But this one has no ADS-B, needs paint now, and an engine before long. It has a S-TEC autopilot, not the more desirable KFC150, and the interior is original with severely yellowed plastic.  The ailerons are hail damaged. We made a trip to that place to see this plane and it was apprarent from 20' away how bad of shape its in. To make this thing nice, you're out 135K for the plane, 18K for paint, 38K for an engine, 5K for ADS-B,  and 10K for interior rehab. Thats 206k and you still have a steam gauge 430 201. . which would buy the nicest 201 in existence, which has GCF500nxi, GTN750, GFC500, new paint, interior, engine. Thats N205J.  Its siginificantly overpriced. Garrison's calculator has it at 116K, which, to me, seems about right.

I stand corrected.  Still, the market is much higher than it used to be for M20J's and the vintage Mooney's in general due to the 172 and PA28 supply/demand curve due to flight training increases until COVID19.

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SteveC Explorer

SteveC

Posted
  • Author
Posted
15 hours ago, elimansour said:

You can’t go wrong with an M20J - but make sure to get the right one.  It may be better to pay a little more and get one with no damage history, a recent low time engine, ads-b in/out, panel upgraded avionics, good or newpaint/interior, etc.  For planes that do not check all those boxes, reduce the price accordingly.  I know the resale inventory is low right now but there should be some on the horizon.  You might also want to let Jimmy Garrison (All American/GMAX) know of your interest and he may find you an off market one that will fit the bill.  Good Luck and hope you find the right one soon!!

ah... is that the guy in San Antonio?  Thanks for the info! 

jaylw314 Grand Master

jaylw314

Posted
Posted
7 hours ago, bluehighwayflyer said:

BLUF.  Save yourself a bunch of time, money, and regret by not buying a Mooney that has been tied down on the ramp, neglected and underutilized, for a significant period of time, especially near the coast.  If that is really what this airplane is it is not a good deal at anything like the prices you guys are talking about here. Find another one.

What's BLUF?

bradp Grand Master

bradp

Posted
Posted

This thread just makes me happy I have my mistress already tucked neatly away in her hangar 

:-).  
 

To the OP any prospects post up here and we’ll help you out.  There’s a ton of collective experience on here.  You can also find a local MSer to go look at a plane if you need to and take some pics. Detailed photos  (the ugly bits) and logbook entries get you about 85% of the information needed for a successful pre buy inspection.  I’ve only done three J looks but two of those I spent over an hr taking pics and documenting things.   

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jetdriven Grand Master

jetdriven

Posted
Posted

The paint on that plane is rough. I’ve seen it In person.  It’s original paint and the cowl was added later but it doesn’t match color, and it’s very shiny as new lookin while the rest is 1979 with lots of wear.  Otherwise seems like a nice plane. 

rcwagner Contributor

rcwagner

Posted
Posted

Does it have any damage history?  I bought a 1978 J from Air-Mods that they rebuilt.  They used it as a rental for 9 years before I bought it.  It's a good airplane, but they had failed to do all of the paper work properly.  An IA found the shortcomings, and deemed the aircraft not airworthy.  Air-Mods helped get it straight, but had to go to the Mooney engineers to get it approved.  With the shutdown of Mooney, it took a couple of months, and I doubt they would be successful now since Mooney has been closed longer.  We had gotten to the point where they were going to buy it back from me, but finally got Mooney to provide the engineering needed.  It was a nightmare.  I also could not put a Garmin GFC500 in the airplane due to it has an L model tail cone.  Air-Mods are good people, and good to work with, but be careful of rebuilt airplanes.  I would buy from them again, but now know what to look for, and totally recommend a pre-buy inspection of the airplane and log books by an independent IA.

bradp Grand Master

bradp

Posted
Posted

The one with tired paint and the lopresti cowl might have good bones.  Caution the useful load with TKS, though.  A Weber Maintained bird would go a long way in my book.  

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