Vintage Mooney current market value?

[Immelman]

Insurance renewal time, and the first in several years without an increase. I did not change my hull value at all over the past 3 years of market craziness.

What's a good way to estimate what my plane is worth, as far as hull coverage, in the current market? I remember Jimmy Garrison had a calculator.... and AOPA vref.

For what its worth, my panel is 80s vintage and ready for a makeover, engine approaching TBO, so I'm not expecting much, but am curious what its worth!

[druidjaidan]

Depends on your willingness/ability to pay out of pocket for when a Gyroplane falls on it.

Real answer, the only way is to look at the market and figure out how much you'd have to spend to get a comparable plane.  Then add all expenses you would incur to actually complete that transaction.  Add some buffer for things you might have in the plane that could be destroyed. Given my recent experience my current thought process that if the insurance company doesn't balk at the value I likely didn't go high enough.  That will cost you in premiums though and maybe you won't care when the gyroplane falls =)

 

Edited August 16, 2023 by druidjaidan

[Jim Peace]

just increased the hull on my C to 110k.  up 10k from last year...premium is at 1900 for the year....airline pilot flight time and owned now for about 10 years....

Two G5's, GTN650 JPI900....just over midtime engine, fresh prop overhaul.....I probably should have went higher....to get a shop to make a run out C like mine would take forever and more than 110k total....

[Skates97]

On 8/16/2023 at 12:00 PM, druidjaidan said:

Depends on your willingness/ability to pay out of pocket for when a Gyroplane falls on it.

Real answer, the only way is to look at the market and figure out how much you'd have to spend to get a comparable plane.  Then add all expenses you would incur to actually complete that transaction.  Add some buffer for things you might have in the plane that could be destroyed. Given my recent experience my current thought process that if the insurance company doesn't balk at the value I likely didn't go high enough.  That will cost you in premiums though and maybe you won't care when the gyroplane falls =)
 

Solid advice.

You can likely go higher than you think. The insurance company may ask for proof of avionics, etc... if you are going higher than they expect. Ask your broker to give you quotes at a few different levels. Last year when I renewed I looked at the difference between $100k and $150k. It was an additional $500 for the added $50k in hull coverage. $500 is a drop in the bucket compared to what I spend the rest of the year on this amazing hobby. So, I have a 1965 D insured at $150k. It's a nice plane, I know it inside and out, G'5s, GFC 500, EDM900, GNC355, new paint, etc... Could I sell it for $150k? Doutbful, but I know for that I could find something to replace it with.

Just another shoutout to @Parker_Woodruff for all his help sorting through the insurance.

[M20F]

My Executive is insured through Parker for $35M.  Elephant hide seats, solid gold yokes (CG be damned), and mahogany control surfaces made the policy difficult.   $237.90 a year because of my skills as a crack pilot ace. 

[Mcstealth]

I have been shopping vintage Mooneys now for about six months. The prices are not consistent across the board in my opinion. I've seen a C model with all the bells, whistles, and a loaf of bread push $150,000. I've seen a J with all the same whistles, minus the fancy A/P and loaf of bread for the same $150K. I could have had an F with the full load of speed mods, twin G5's Stec-50, JP700, and more, for only $70,000. I should have bought that one.

I agree with @Skates97. Spend the extra on the insurance  

[Parker_Woodruff]

A lot of my job 1-2 years ago was informing underwriting companies how "yes, this plane is actually worth this much".

I've also been on the other side of this having to tell owners "hey...your plane isn't worth this much..."

[Immelman]

Hmm, tricky stuff. Thanks for the ideas! Frankly, its still clear as mud, trying to put a value on my plane.

Agree, if and when I renew the engine and/or panel, a big increase is justified.

But a 1966 airframe, engine at manufacturer (all indications are good, but its still TBO), and older panel just have me unsure. I bought the plane for 50K in 2007 and never bothered to adjust the hull value. Small incremental improvements along the way but nothing major.

[DCarlton]

You mentioned two good sources.  AOPA VREF worked well for me.  The numbers were consistent with other comparisons.  If you had a recent overhaul with good pedigree I’m thinking that could really help since it’s taking so long to get overhauls now.  Or a recent tank reseal from a top shop.  

[Immelman]

Vref it is! Its not broken (yet) so I won't be fixing it (overhaul/tanks) anytime soon! Do things when they're needed...

And interestingly enough, Vref puts my plane pretty close to that original 50K valuation. Admittedly some things are subjective.