M20E cost and speed?

[Hank]

Richard,

An engine failure the day after purchase hurts less if you only pay half; as a sole owner, you will receive the whole bill. Either way, you pays your money, you takes your chances. At least your fuel bill will be smaller for the distance you cover than with other makes.

[carusoam]

Real experience indicates you could have some failures, especially in a plane that has been sitting unused outside for an extended period of time...

My new to me M20C stuck and bent a valve. That cost about $1,000 to replace the related parts. An AD had popped up a decade or so ago for aeleron control rods. Another chunk of change.

There seem to be few surprises requiring a complete overhaul. Byron has detailed what his experience was in a similar situation...

When your funds are limited, you still want to protect yourself from the disappointment, and understand what the risks really are.

Pre-purchase inspection (to some extent) should be considered whether you buy the whole plane or 50%...

At least with a proper overhaul, the value of the plane has increased, in the dire event that you are pressed to sell it to stop the bleeding.

Select the right partner and the right plane to minimize your risk.

Parker,

Is there an insurance for this type of risk???

Best regards,

-a-

[N601RX]

I really enjoy reading this forum and especially this subject because the only way poor old Richard will ever own a plane is in a partnership with someone else.

Let me ask a big question. Has anyone identified and protected themself from unusual repairs when stepping into a partnership? What I mean is let say you find someone with what appears to be a great aircraft, well taken care of, and the owner offers a 50% stake in the aircraft. So you decide to buy in and the first time you fly it, on your check out, the engines eats a valve and that 1000 hour engine now needs a complete rebuild. So your initial entry, of say $25K now has an additional cost of a rebuild and you have not even flown it one hour?

So is it reasonable to expect the original owner to have a amount set aside from operating the aircraft for the overhaul? (1000 hrs x ? per hour) or did Murphy just stick it to you and now you owe half of an overhaul on a engine that was fine the day of the prebuy?

That type of situation is what keeps me from taking that leap of faith. I could never come up with half stake in the aircraft, then turn around and pay for an engine rebuild right out the gate.

Richard,

You mentioned 25k as your half of the initial investment, so I would assume you are looking at an E or F for around 50k. I was able to find a run out F with good airframe, bladders, and new prop for 34K. My mechanic and I did a complete field overhaul and I fixed a few other things and did some upgrades and have a little over 50K in it now.

[cocolos]

Would a 25-30k M20C be a good price or is that stretching it?

[carusoam]

I went $30k with mid-time engine in 2000.

Overall a great experience. Used it up before selling it. It needed paint, engine, interior and modern radios. You get what you pay for.

-a-

[cocolos]

Sounds about what I could go for. Thanks!