Expert Advice on Purchasing an Ovation

[Furzol]

I am looking for an unbiased consultant to help with the search for an Ovation 2.

I have a Mooney shop lined up for a pre-buy inspection, another group who will inspect logbooks and aircraft history, and a long-time Mooney CFI pilot to assist with flight training.

I need someone separate from this group (not a broker or salesperson) who is knowledgeable about Mooney aircraft to help analyze the different airplanes as they come on the market.

Any recommendations?

 

Many thanks!

 

[carusoam]

Welcome aboard Furzol!

+1 for finding experience when your experience isn’t where you want it to be...

it is kind of odd to select the PPI spot, until after you have the plane located... 

Its really odd to come to MS for expertise, and require the person you want to have expertise, not come from here...

 

The market today, doesn’t allow much time to compare individual planes to each other... before one of them has been sold...

It may be wise to create a list of must haves.... and go with what you find...

 

Or speak with Jimmy... @gmax when it comes to selecting Ovations... Jimmy is pretty good at this sport...

 

See if you can explain in a bit of detail what you are wanting done?

I’m easy to confuse... but you lost me on a few points...  

When it comes to Os... I’m as unbiased as they get....   I like them all, evenly...

Best regards,

-a-

[toto]

18 minutes ago, carusoam said:

Its really odd to come to MS for expertise, and require the person you want to have expertise, not come from here...

I think OP just meant a group separate from the prebuy/logbook/transition group, not MS

[carusoam]

Thanks Toto!

So many trees in the front row... I couldn’t see the forest.

 

Count us all in...  we love shopping for Mooneys...

For the most experience in buying planes around here...  get Ken onboard... He needs to refresh his Mooney buying experience... 

Ken is our most experienced... non-professional, plane buyer we have...   he loves the whole experience...

Best regards,

-a-

[Furzol]

Many thanks,

 

I'll keep it short.  Thanks for all your notes.

I have visited Jimmy and GMax aircraft. I have several PPI spots and most of them travel for me to an aircraft if needed.

Toto understands my question. All I needed was a name. Thanks very much!

How do I contact Ken?

 

Have a great week and appreciate your assistance.

[carusoam]

Just now, Furzol said:

Many thanks,

 

I'll keep it short.  Thanks for all your notes.

I have visited Jimmy and GMax aircraft. I have several PPI spots and most of them travel for me to an aircraft if needed.

Toto understands my question. All I needed was a name. Thanks very much!

How do I contact Ken?

 

Have a great week and appreciate your assistance.

@KLRDMD (See Furzol thread above)

Best regards,

-a-

[Furzol]

Excellent. Many thanks!

[KLRDMD]

24 minutes ago, carusoam said:

@KLRDMD (See Furzol thread above)

Thanks. I'll do what I can to help but I am working with three other people looking to buy airplanes right now. There's slim pickins' and high prices right now. I'm telling everyone that if you can wait, do so. Buying now is "buying high" which means at some point in the future you'll probably end up "selling low" (or at least significantly lower).

That advice hasn't deterred any of them so far 

Edited May 2, 2021 by KLRDMD

[KB4]

On 5/2/2021 at 5:22 PM, KLRDMD said:

at some point in the future you'll probably end up "selling low" (or at least significantly lower).

Hate to do it but I have to disagree.  The supply of affordable M20’s will never increase and prices bottomed out few years ago.  Demand is high and will wane but not enough to drive prices down. Basic Med opened the skies back up to many grounded pilots. Pilots will always covet the fastest and most fuel efficient birds. Never heard anyone say I really really want that 172 or that Warrior. Cherokee 6 ok maybe cause that supply has dried up also. 

[A64Pilot]

We are definitely in a bubble, a lot of people buying now are doing so based on current incomes and or betting on continued income growth.

‘When the bubble busts or deflates if you will, they will have to sell off some of their acquisitions or the bank repossess them, either way they come up for sale, and supply will exceed demand, because the demand dried up.

‘In 07 to buy a house meant you paid top dollar for it, in 09 you could have as many houses as you wanted, and all at a huge bargain.

Nothing wrong with buying at the top of the bubble, just as long as you understand what’s going on.

‘Two or maybe even one year ago there were no more Mooney’s than there are now, yet the prices were far lower then.

‘Got an email the other day from a relator that stated that the average house sold price in Daytona was 24% higher than last year in Apr.

‘People are buying anything and everything, maybe some of it is pent up demand, but I believe mostly it’s readily available cheap money.

‘To some extent it’s the early 2,000’s again.

But bottom line, you need to have cash in hand and be ready to jump right now. I bought my J model I think two months ago, I knew the IA that maintained it well and he ensured the seller that I was a real buyer. Airplane was close and I drive up there almost immediately. By the time I got there the Seller had a verbal agreement to pay full price, sight unseen.

‘I didn’t pay full price but not far off either about 10% less, I got it as silly as this sounds, because I was a local guy that every one associated with Aviation around there knew, although I didn’t live there anymore.

‘But the Seller literally had his pick of buyers, that simply wasn’t the case a year ago, and isn’t the new normal, it’s a bubble

‘I know I overpaid some for my house and my airplane as I bought both this year, and it’s a sellers market, but I know that and can live with it. I’m retired and simply due to age don’t want to wait for another year or two, that’s a significant amount of the time I have left to fly.

You may not have a few weeks to do your due diligence on an aircraft, it seems that good aircraft at decent prices come up for sale and sell in a week, I know I had a handshake agreement on mine within 72 hours of it coming up for sale, and as I said he honestly had two offers for full price, one who was willing to purchase right away, sight unseen.

‘Were they for real or some kind of scam? I have no idea.

Edited May 4, 2021 by A64Pilot

[Furzol]

Thank you for all of your notes. Crazy times. I appreciate the sage advice. Trying to be patient, thorough, and yet move when something is attractive.

MooneySpace has already exceeded my expectations!

[ilovecornfields]

I’m always willing to accept ridiculously high offers for my Ovation 2. 
 

Just trying to help out.

[LANCECASPER]

6 hours ago, KB4 said:

Hate to do it but I have to disagree.  The supply of affordable M20’s will never increase and prices bottomed out few years ago.  Demand is high and will wane but not enough to drive prices down. Basic Med opened the skies back up to many grounded pilots. Pilots will always covet the fastest and most fuel efficient birds. Never heard anyone say I really really want that 172 or that Warrior. Cherokee 6 ok maybe cause that supply has dried up also. 

I’ve been following this market for 36 years. One thing that is constant: change.  The ebb and flow of the market is always happening.

Many factors have contributed to current low supply and high demand. That always equals higher prices, which is bringing high priced Mooneys out of the woodwork.

Go back and read posts from 2009-2014 and see what the market was like then.

Factors will happen in the future - they always do - which will lead to higher supply and lower demand. The market will adjust prices accordingly. And the cycle will repeat itself over and over. It’s like watching a pendulum - it’s always going one direction or the other.

[ZuluZulu]

48 minutes ago, ilovecornfields said:

I’m always willing to accept ridiculously high offers for my Ovation 2. 
 

Just trying to help out.

I am also willing to accept ridiculously high offers for your Ovation 2.  I'll even throw in this bridge I own.

[kmyfm20s]

I agree that the market will always go up and down. If you followed Warren Buffet advice you would sell while people are buying. Av-Gas prices and/or availability could be a killer on the market here soon. Freedom and the safety of personal travel has been priceless over the past year and possibly in the future with the virus variations, vaccine passports, ect.

[carusoam]

Bubble or no bubble...

One has to stay within one’s means...

Impossible to see, the future is... -Yoda

When economic cruelty occurs.... the economy collapses... unemployment rises...

If you lose your job... paying for things like airplanes becomes less likely, definitely less easy...

Selling a plane into the economic maelstrom... expect a deep discount to go with that... 

Supply stays the same... demand evaporates overnight...

The discount used may match the maintenance that has been deferred greatly...

One oil shortage is too many...

One Great Recession is enough....

One Pandemic is plenty...

If you have survived these... Buy the Mooney that fits your budget...

If you spend too much time worrying about the next bubble...  you are going to miss out on the roaring 20s! 

Go Mooney!

PP thoughts only, not an economist...
 

Best regards,

-a-

[hypertech]

I took the CFI I planned to do my transition training and instrument rating with to look at planes.  I figured he had seen far more Mooneys and knew how they should behave than I had.  The first plane was local and got the red flag.  The second plane was not.  It was well worth paying his day rate and for an airplane ticket to do that.

[Furzol]

Thanks again for all the great tips!

[FJC]

What was the red flag?

[donkaye, MCFI]

I would be surprised to see prices ever come down, since I don't see another Mooney ever being built again.

[carusoam]

On 5/5/2021 at 9:21 AM, hypertech said:

I took the CFI I planned to do my transition training and instrument rating with to look at planes.  I figured he had seen far more Mooneys and knew how they should behave than I had.  The first plane was local and got the red flag.  The second plane was not.  It was well worth paying his day rate and for an airplane ticket to do that.

 

9 hours ago, FJC said:

What was the red flag?

See if this helps...

-a-