What's the best way to go about purchasing a Mooney?

[Rangoon]

I'm looking to buy an airplane to commute a roughly 510nm (one-way) trip several times per year. I've been perusing the classifieds, but haven't made any phone calls yet. I have a few questions, as this is my first time going through the process. 

Is it best to go through a broker? I've read about someone in Texas (I think?) mentioned frequently who is highly regarded as a Mooney broker. I'm guessing folks here know who that is. In some ways, that makes sense to me, as I'm still looking for the right airplane and will need to sort out financing, pre-purchase inspection, insurance, everything. I'm assuming a broker may be able to assist a little with at least some of that, as well as just finding the right airplane for me. 

I may be able to get a home equity loan or personal loan, but are there other good financing options out there? AOPA for example? Credit score is 800 and I can put at least 20% down.

Thanks!

[GeeBee]

Jim Garrison at Gmax.

Good guy with good advice who can lead you to a good purchase.

https://www.gmaxamericanaircraft.com

[PT20J]

Depends on whether you have money or time. The cheapest and longest will be to buy directly from an individual owner (no middleman markup). The fastest will be to buy from an honest broker, but he needs to get some money out of the deal. I have had great experience with Jimmy Garrison at GMax and recommend him without hesitation. If nothing else, the fact that he's been in business successfully for 30 years with a lot of repeat customers speaks volumes. In the end, it may not cost you more to deal with Jimmy because you will waste a lot of time and money traveling the country looking at airplanes that turn out not to be as advertised. I bought my last airplane from Jimmy and he described it over the phone and I found it exactly as he described when I showed up at his place to look it over.

[Fritz1]

Welcome to the journey, start stacking up an airplane fund, read for sale ads and study log books, when the fund has reached the purchase price you will have accumulated plenty of knowledge and will be ready to jump, kick tires inspect and test fly airplanes, on a C you may spend the purchase price all over again within the first two years fixing it up, the airplane with the lowest maintenance cost during ownership will be the most expensive one to buy, that airplane has logs and paperwork that will fill two bankers boxes, typically sold off market by word of mouth, airplane that is paid for in cash sounds and feels more solid, can never come back to bite you, can be turned back into cash on the hood instantaneously on a rainy Chicago morning at 80 cents on the $ and get you out of a tight spot, enjoy the ride!

[Pinecone]

There is also Richard Simile at Thunderbird Sales.

I bought through Jimmy Garrison.  Very easy and smooth. 

It I were in the market, I would contact both of them and look for private sales.

I highly recommend that if you are financing, get it approved.  Possible for a bit more than you hope to spend.  And get at least $5000 in a escrow account.  I used AeroSpace Reports.   It was a BIG plus that I could have the deposit set up and close quickly.  I was 12 days from the ad hitting the market to the plane being mine.

[M20F]

On 7/3/2024 at 9:10 PM, GeeBee said:

Jim Garrison at Gmax.

Good guy with good advice who can lead you to a good purchase.

https://www.gmaxamericanaircraft.com

This is the answer, where I got mine, absolute class act.  

[BlueSky247]

I will third Jim at Gmax. If you are serious about a mooney, you should reach out to him for his valuation guides. They are a cheap and very informative resource to help you get up to speed on the different generations and price points. 

[dkkim73]

On 7/4/2024 at 9:55 AM, Fritz1 said:

 airplane that is paid for in cash sounds and feels more solid, can never come back to bite you, can be turned back into cash on the hood instantaneously on a rainy Chicago morning at 80 cents on the $ and get you out of a tight spot, enjoy the ride!

You're a poet.

[0TreeLemur]

Keep an eye on the ads.  Good planes tend to sell fast.

 @Rangoon the key points I've learned through two Mooney purchases is as follows:

1.  Define your mission and minimum equipment that meets your mission.  Adding/fixing stuff after the purchase is costly.  When you buy equipment already installed, the seller generally eats the installation labor cost.

2.  Don't fall in love with anything until you own it.  Be skeptical.  An independent pre-buy by a shop familiar with Mooneys will more than pay for itself, allowing sale price reductions that you don't have to pay for at the first annual after purchase.

3.  Look for the nicest airframe/panel you can afford that meets your mission.  Use Jimmy's value guide to evaluate appropriate cost.

4.  When something catches your eye, ask for and study the log books before doing any thing else.  Ask lots of questions if discrepancies arise (they will).  If log books not provided, ignore that airplane.

5.  If it looks too good to be true, it is.  Something's wrong.

6.  Don't fear a mid-time engine.  Fear an airplane that hasn't been regularly flown.

7.  Paint jobs and tank reseals have gotten really expensive.  Don't buy an ugly Mooney or one with leaky tanks.

8.  Corrosion is a Mooney killer.   Make darn sure that whoever does your pre-buy knows what corrosion to look for on a Mooney.

9.  if something hasn't sold in a few months, either the asking price is too high or something is wrong with it.

Good luck!

 

[shawnd]

Both Jim and Richard are very reputable in the Mooney space (no pun intended). However, it is possible to do things by yourself with a little guidance. I have no connections with Savvy other than being a customer, and I am quite happy with them. Take a look at https://www.savvyaviation.com/buyers-assistance/. I purchased my 252 by myself with Savvy helping with looking over pre-purchase.

[shawnd]

Forgot - for financing, I have heard https://www.dorraviation.com being reputable.
For insurance, you can go through AOPA or https://www.avemco.com but I highly recommend @Parker_Woodruff. Been a happy loyal customer since I purchased mine.

One often overlooked piece of wisdom: the initial cost of purchasing an airplane is merely the beginning. The ongoing expenses—maintenance, hangar fees, insurance, database subscriptions, and inevitable upgrades—will require significant investment, so plan meticulously. Most importantly, involve your significant other from the very beginning to foster a supportive partnership (and avoid future conflicts). I can't emphasize this last point enough :-)

[WilliamR]

Couple financing options in addition to Dorr.

www.Banterraaircraft.com

www.usaircraftfinance.com/

www.airfleetcapital.com

www.gocurrency.com/air/

www.airloan.com

You will find most rates are very close to one another (~50 bps). However, lenders differentiate themselves with prepayment penalties and fees (app fees, escrow, title, etc.).

William

[GeeBee]

I disagree with do it yourself in this case. The OP is way too inexperienced by his own admission in his OP. He needs a Sherpa. I am sure in years forward he can do it himself, but we want a good outcome here for a first timer.

[Mufflerbearing]

For me, the hunt was half the fun!  There is so much incredible information found here on MS that after spending a ton of time here, I determined my mission and the plane that would fit that mission.  I learned a ton about the particular model of my airplane which built confidence when looking for the right plane.  This certainly takes time, but it is such a satisfying part of the journey. 

1) Identify your mission

2) Identify the best model for your mission

3) Learn all you can about your model

4) Go hunt that mystical unicorn

5) Don't necessarily settle for the first one you look at

6) A good pre buy inspection is important

7) Buy the best one you can find for the funds you have available

8) Fly the heck out of it!

[NickG]

45 minutes ago, Mufflerbearing said:

For me, the hunt was half the fun!  There is so much incredible information found here on MS that after spending a ton of time here, I determined my mission and the plane that would fit that mission.  I learned a ton about the particular model of my airplane which built confidence when looking for the right plane.  This certainly takes time, but it is such a satisfying part of the journey. 

1) Identify your mission

2) Identify the best model for your mission

3) Learn all you can about your model

4) Go hunt that mystical unicorn

5) Don't necessarily settle for the first one you look at

6) A good pre buy inspection is important

7) Buy the best one you can find for the funds you have available

8) Fly the heck out of it!

Well said!!!! I would just add that trying to buy one with the avionics and other upgrades you want already upgraded is by far the best way to go. 

[ArtVandelay]

Well said!!!! I would just add that trying to buy one with the avionics and other upgrades you want already upgraded is by far the best way to go. 

Easier said than done, there’s not a single one that can compare to mine. All those who have posted about upgrading their planes are not selling and probably won’t be for a long time.

[Pinecone]

Agreed.  I got one that had a useable setup.  And then installed what I wanted after some time.

[NickG]

28 minutes ago, ArtVandelay said:

Easier said than done, there’s not a single one that can compare to mine. All those who have posted about upgrading their planes are not selling and probably won’t be for a long time.

@ArtVandelay , you just have to keep looking and have a little patience. Here's the panel on my O that I bought a couple months ago. Got it at a reasonable price as well. The owner of this plane had it over 21 years and did the 310HP STC, TKS and panel upgrade. Glad I don't have to pay to do any of that.

[Danb]

31 minutes ago, Pinecone said:

Agreed.  I got one that had a useable setup.  And then installed what I wanted after some time.

U gotta show us your new panel

[Pinecone]

1 hour ago, Danb said:

U gotta show us your new panel

There is a thread in Avionics titled "Let the Games Begin" about the whole process.

Skip to the end for pictures of the final result.

[DavePage]

I second all good references for Jimmy Garrison.  I bought my Bravo from him in 2018, and have nothing bt good things to say about him.  Had an issue with the aircraft 2 yrs after purchase, and thanks to a photo, Jimmy stood on it and helped me out 110%.  He is an awesome guy and I would not hesitate to purchase another airplane from him.

David Page

N9170R