First Mooney buyer - looking at a M20E - thoughts?

[Flymu2]

You won't find one for sale that has everything. You have to decide what's most important to you for the plane to have, then compromise on the other stuff.

Also, you have to look at what value the stuff you add has. For example, avionics make a plane easier to sell, but don't add a lot of value. Engines, paint and interior generally add value to the plane somewhat commensurate with what they cost. Remember, though, that every make and model has a "ceiling" price, above which it makes more sense to consider other more expensive but less well equipped models.

Another thing that most people don't consider is the down time it takes to do upgrades. Months of insurance, hangar, and annual cost while the plane is in the shop are a significant expense, given that you can't use the plane.

Finally, the real value in upgrades is the enjoyment of the new stuff. If you wait to do upgrades, that's that much less time you get to enjoy them before it's time to sell. If you buy a plane with the intent to upgrade, it's better to do it sooner than later. You have to figure that into the price of the plane. That's why it's always best to find a plane that's as close as possible to what you want in terms of equipment. It will be more expensive, but always less than what it would cost in both time and money to do upgrades.

[chriscalandro]

I like to think things like paint and interior add the least amount of value and the majority of the value is in how well equipped it is. 
 

an airplane with great paint and interior with 60s radios is worth a lot less than an airplane with bad paint and interior in need of help equipped with modern avionics.