Starting to look for a C, E or F

[dmc]

I'm currently a student pilot and hope to have my PPL by April/May.  I'm looking at Mooneys for the same reason as most.  While on vacation my wife and I went to the Mooney Mart and talked with Coy.  We were able to sit in a E model to get a idea of the size.  90% of the time it will probably only be the wife and I, but we do want the ability to haul 4.  So a C, or E will work, but a F would be nice. 

I have been reading many of the post here and it looks like some of the things to watch for is:

Corrosion

Leaking wing tanks

Engine hours, cracks, time since OH, how often flown, ect

Speed Mods, cowl, w/s, ect.

I really don't want to spend more than 50k, and less would be better.  Id really be upset if I spent 50K and then ended up spending another 20K in the first year.  I of coarse will get a pre buy inspection, and I know there are no guarantee's.

Ive also budgeted for a hanger, insurance, ect.  Hopefully there will be no $100 gov user fees, that would be tough.

So can I realistically spend around 40k for a C, E, or F and expect to go 500 hours plus without a major expense, like a $25k overhaul?  Or would it be better to buy a higher time engine and just go ahead and plan to have it rebuilt?

I'm thinking that it would be easier to finish my PPL in the 172 and then get a Mooney.  Is this correct, or does it matter?  I know I will have to have complex time in the Mooney, anything else?  If the right deal came along I guess it would be a big insentive to get my PPL done.

[scottfromiowa]

There are a lot of other posts that discuss your questions.  Give a read through the Vintage posts.  My opinion based on my experience and your price range would be to find a plane that has mid-time and has been FLYING.  That is the key.  If the plane has been sitting and has 15-20 years since the last major...regardless of time you should NOT be paying for anything BUT a run out engine.  You can buy a C, E or F for $30-40k, but the engine is an unknown roll of the dice.  There is a really nice C on Ebay right now for $75k.  Great avionics, paint, interior and engine appears O.K...THAT is the other side of the coin and the reality.  I bought what I could afford and have improved it over the last 7+ years ultimately putting in what I want and paying the $75k.  Some will be little gottcha's...Under 1AMU...and some WILL be BIG.  You have "hit" the keys in your question of what to look for, but there are many more "gotcha's"...Owning and operating is expensive and an unexpected top or major overhaul can be the ultimate sucker punch.  Have fun in your search.  Ownership IS a blast, but they are Money-pits and anyone that tells you different is NOT being honest.  These airframes are over 40 years old...They need to be maintained and many are not and requaire $ to get into serviceable/dispatch capable condition.

[gregwatts]

Whatever you do buy, I recommend that you buy an airplane that already has what you want in it. A plane that has been flying regularly and has had upgrades, generally speaking, is one that has been cared for and will be a better purchase. A plane with original everything, will most likely have seen minimal maintenance......and will cost a lot to bring it up to snuff.

For carrying 4, I recommend the E or the F and if your pax are not little people, I recommend the F model.

Get the PPL first......insurance is going to be high for first year or so. Get IR as soon as you can......in your Mooney.

If you have been reading the threads, then you know that Coy Jacobs is not a recommended dealer.

My opinion only!

[aerobat95]

Good luck in your search.....be warry of the really good deals....there are some out there, but a plane that seems too good to be true could have somethings hiding.....get a good prebuy.  I second what Greg says....get your PPL and get your IR as soon as you can and in your Mooney.  Insurance will cost you the first few years until you build up time.  I have an F and love it.  Love the extra space.  At first when we started looking we looked at the E.....but looking back I am glad that we went with the F and the extra space it provides.    

[DrBill]

The previous posts are right on.  Get your PPL first, then start shopping.  Have an idea of exactl what you want as a minimum in avionics.  For most cross country work a GPS is almost becomming a requirement.  My first plane (purchased) was a Beech Sundowner so that I could get my instrument rating. I bought it knowing that I need to add a IFR GPS and another radio ($7K). After 7 years I decided to move up and bought the E after selling the Sundowner.  The Mooney is MUCH MORE airplane than any Cessna or Piper training aircraft

Searching for the E I made a spreadsheet of all those that met my requirement.  I was really looking for something within 2 hr drive but soon expanded that to 2 hrs of commericial flight.  I finally found it about 1 hr drive away and after a thorought prebuy by my mechanic, I bought it.  You can find E's in the 30s but with older avionics. Mine had a total upgrade 6 years ago ($40K) and I paid under $50K for it.  3000 total hours,  900 SMOH.  Was advertised for Low 50s but I knew it was on the market for more than 4 months and hence we came to terms.

6 monhts now and I'm still happy with it.

Good luck in your search.

BILL