Fair Price for an 1982 M20J?

[Wapst]

Hi Everyone, just found a 1982 Mooney M20J 201 offered for sale privately- and was hoping to get an idea of what a fair price is for this plane assuming nothing major wrong with it... of course - will do a pre-buy.  But since losing access to AOPA/VREF - hard to get a number to start from...  I'm new to the mooney world - so hoping to pick the brain of Mooney  experts!

*Original Interior

600SMOH/ 2000TT

original paint, rougher interior

2000TT

430W Garmin

no fuel leaks

doesn't appear to have any corrosion; rear seat temp removed, but look to be in OK condition. always hangered

 

Attached a couple pictures of the actual plane, apologies they aren't great

Edited July 9, 2024 by Wapst
wording of title

[LANCECASPER]

PM @jgarrison or e-mail him and and buy his recent M20J value guide - most authoritative document on the subject. 

 

[Fritz1]

Jimmy's guide is a good start, for sale ads and especially actual sales allow you to develop comps, actual sales figures are hard to come by and take some digging, the best comp is an airplane that you have bid on, lost and know what it sold for, from the comps you can extrapolate a fair market value of a particular airplane using Jimmy's formulas. Take your time, read all the for sale ads, any logbook you can find, bid on a couple, inspect a couple and then buy one. The purchase price is the entry ticket, plan to spend at least another 20% of purchase price on upgrades and repairs of a well maintained and frequently flown airplane within the first two years of ownership. Welcome to the adventure!

[PT20J]

Better question is what's it worth to you?

[Utah20Gflyer]

One of the biggest questions is how much recent flying has it been doing and what kind of maintenance has it received.  You want to buy a plane that has been flying a lot  and has been receiving regular maintenance.   If you can actually go see the plane in person you want to try to figure out if everything works.  If you find lots of things don’t work on a cursory inspection you can be sure you will find a lot more things after you buy it.   

[Falcon Man]

Consider hiring Savvy Aviation, Inc. for your pre-buy guidance and inspection. This business is not driven by aircraft sales, they are data driven maintenance specialists and can advise you with objective opinions of the value, and future maintenance issues. As previously stated in this post, the after purchase investment is a big chunk of the financial aspect of aircraft ownership.

Getting guidance from someone who is in the business of brokering airplanes as a source of income, cannot provide objective.advice. At best sales data indicates market trends. Just because an aircraft sells for a certain price does not necessarily equate to its value. Actual sales price for any aircraft primarily represents what a purchaser was willing to pay. PT20J summed this up in the previous post "what's it worth to you".

Many first time buyers (myself included 30 yrs. ago) regret their purchase because their emotions controlled the pocketbook, rather than making a decision based on a more rational fact based set of criteria.

It's worth considering that the market for used single engine aircraft presently is very inflated, ~ 20% over the values pre-covid. Just like many things in life, timing is key. Aircraft prices generally decrease some during  the winter months, and heat back up as the weather improves.

FWIW

 

[Pinecone]

Savvy will do a log book review for no charge.

Other option is to hire a Mooney savvy A&P to review logs and then to the pre-buy.  I used @jetdriven  He saved me from buying a couple of planes, that were good calls.

[Yetti]

Order the CD from the FAA    https://www.faa.gov/licenses_certificates/aircraft_certification/aircraft_registry/copies_aircraft_records

Do a or find a AD list for the plane

Expect to spend $10K

I would say somewhere around $110K

Does it have a working Auto pilot.