New Pilot asking for advice on purchasing a Vintage Mooney

[Ddaviation]

Hi,

I am looking to buy a vintage Mooney (M20C or M20E model) or a piper commanche 250. I like everything I’ve read on the Mooneys, but would like some advice. I am 28 years old, I am finishing up with my private pilot license, and want to pursue my instrument. 
 

I am interested in a 4 seater with reasonable speed and useful load for XC’s. I make roughly 180-200k per year. Car is paid off and live a modest lifestyle.  It seems like the price of planes has doubled the last 5 or so years. Do you think I would be able to buy a reasonably priced IFR vintage Mooney for 50-60k? I like in the southeastern Texas area, and there doesn’t appear to be too many partnership opportunities within 30-50miles. 
 

Any thoughts or experience is appreciated 

Edited December 3, 2021 by Ddaviation

[ArtVandelay]

Even Cs are more than $60k these days. I would consider going up to $75k.
Remember the money you use to buy the plane you’ll get back when you sell.
It’s the annual expenses that matters:
Insurance - for a new pilot will be $3-4k. Getting your IFR rating will lower it and it’s a good thing to do anyway.
Hangar- assuming you can find one.
Maintenance- first year is usually expensive if plane hasn’t been flying regularly as many on the market haven’t.
Fuel - assume 10gal/hr.


So roughly $10-$18k per year. If that’s not easily doable, forget it.

An engine overhaul is about $30k. An it can happen sooner than TBO.

[Hank]

10 hours ago, Ddaviation said:

Hi,

I am looking to buy a vintage Mooney (M20C or M20E model) or a piper commanche 250. I like everything I’ve read on the Mooneys, but would like some advice. I am 28 years old, I am finishing up with my private pilot license, and want to pursue my instrument. 
 

I am interested in a 4 seater with reasonable speed and useful load for XC’s. I make roughly 180-200k per year. Car is paid off and live a modest lifestyle.  It seems like the price of planes has doubled the last 5 or so years. Do you think I would be able to buy a reasonably priced IFR vintage Mooney for 50-60k? I like in the southeastern Texas area, and there doesn’t appear to be too many partnership opportunities within 30-50miles. 
 

Any thoughts or experience is appreciated 

That's what many of us did. I "found" my Mooney about 2 months before my PPL checkride, and it was mine 5 weeks after. Insurance the first year is is bear and can be difficult to obtain, but fly it 100 hours and you should get a break. IFR is another nice premium decrease!

[Prior owner]

Commanche vs Mooney will be different operating costs, with the Commanche coming in higher for fuel, maintenance, and annual inspections. The Mooney is a simpler design, and easier to care for (fewer moving parts) IMHO. Whatever you do,  don’t buy an aircraft that has been sitting for years, unless you enjoy the idea of owning a project…and most shops are very busy these days- longer wait times to get the plane in and get things taken care of. Whatever you decide, be sure to pay for a thorough pre-purchase inspection.
 

The best money you will ever spend on a plane, is the money to find out that you need to walk away from a particular plane.

[jaylw314]

2 hours ago, PilotCoyote said:

The best money you will ever spend on a plane, is the money to find out that you need to walk away from a particular plane.

^^  this.

[Ddaviation]

2 hours ago, PilotCoyote said:

Commanche vs Mooney will be different operating costs, with the Commanche coming in higher for fuel, maintenance, and annual inspections. The Mooney is a simpler design, and easier to care for (fewer moving parts) IMHO. Whatever you do,  don’t buy an aircraft that has been sitting for years, unless you enjoy the idea of owning a project…and most shops are very busy these days- longer wait times to get the plane in and get things taken care of. Whatever you decide, be sure to pay for a thorough pre-purchase inspection.
 

The best money you will ever spend on a plane, is the money to find out that you need to walk away from a particular plane.

Thank you very much for the advice! I might lean towards a Mooney because of those reasons. 
 

do you all have any thoughts on what the price range of vintage mooneys should be?

[Ddaviation]

5 hours ago, Hank said:

That's what many of us did. I "found" my Mooney about 2 months before my PPL checkride, and it was mj e 5 weeks after. Insurance the first year is is bear and can be difficult to obtain, but fly it 100 hours and you should get a break. IFR is another nice premium decrease!

That is really good insight. Thank you! 

[Dieselsnplanes]

I just turned 30, made about the same as you when I bought my M20F in December 2019 when I was 28 and finished my PPL in Florida. Engine is from 2003 and had 950ish hours on it. Airframe was 4500. As of today I’ve ran 257hrs through it, did my instrument & commercial in it. Flown from Florida to Vermont. Most of the 257hrs are in excess of 350NM.
 

Right now The prop is leaking grease and I needed to put a set of plugs in it due to age, not oil fouling. Had carbon get stuck in an injector and that’s all other than standard maintenance. I did replace the prop governor due to it being laggy, it was within spec but it bothered me during flight how much of a delay it had.

Mine was flown 11hrs a year for 2 years before I bought it. I had all the hoses replaced and any time sensitive parts when I bought it which was around $1k. I’m in Florida by the coast so corrosion is an issue and had the paint fixed for $7k. 
 

I don’t know how many planes you’ve flown while doing your PPL but I bounced between a BE24 and PA28.
 

I do not like Pipers, people like them because you can be pretty vanilla towards paying attention to landings and take offs and they’ll require almost not attention to detail. I have about 50hrs in various Piper models. Everyone here that owns them and maintains them like I do(which is well, I own a diesel performance and repair shop by trade so that mechanical mindset follows) always has some cheaply made, very expensive Piper part break off the airplane. 
 

Flying a Mooney or any airframe that’s slick like a Mooney when you just get your PPL will mold you into a excellent pilot. 

I know a pilot that uses an E model to commute from Florida to Puerto Rico to work as a pilot that’s our age as well.

For single engine airplanes you’ll actually use for you and a small family, I don’t see why you’d buy the others if speed and efficiency are what you’re after. After all that is the idea behind planes, to save time, but no one said that time is cheap!

For a good plane I read to budget about 13% of the purchase price to repair it within the first two years and I’m about there with the need to do items. 

I’m going for CFI and then commercial as I’m burnt out on my business and I went a little nuts with an avionics upgrade because I don’t plan on getting rid of it. 
 

hope my long drawn out reply is somewhat helpful!

 

[carusoam]

Summary…

Go Mooney!

-a-