Any intel/input on N6402U a 1962 M20C?

[Dave Marten]

Good news: One of my fellow pilot buddies is now hooked on Mooneys and is looking for a good first airplane!

But.....He's got his eye on an M20C for sale at Meadowlake, CO. http://www.meadowlakeairport.com/aircraft_for_sale_co.html

It appears she's been on the market about 3 yrs with no change in listed TSMOH or TT (?)

I told him he should be wary of a plane that has been sitting that long w/o flying and has been possibly passed-over by buyers for such a long time. Same seller's name attached to listings. Price has come down from $65K in '09 to $49K now. I understand there was a gear-up landing/landing incident resulting in the overhaul.

Appreciate any respectful advice or insight on this particular bird you guys may have.

Please PM me if you'd rather not share w/ the group.

Appears to be a pretty little C model, but I told him to proceed with caution.

The May 2009 MAPA log listing below:

"1962 M20C

Partner or Sale, 7880 hrs TT, 3

hrs SMOH and SPOH, 201 panel

and yokes, one piece ¼” tinted

windshield, SPA400 4 place intercom

and PTT in both yokes, avionics:

dual KY197’s, KN53, KNS 80,

KT76A, KR87, KMA23, KA44B, back

lighted instruments, Sky-Tec starter,

M20 air/oil separator, new tires

and rubber donuts all around and

break hoses, Mitchell wing leveler,

Aircraft Components Gear-up alert

system, new alternator/regulator,

EZ heat (engine), Lasar nose truss,

Monroy traffic detector; Electronics

Int’l digital volt/amp and EGT/CHT

meters, cowl closure, flap gap seals,

and wheel well liners, 2000 S/W Jet

Glow Bravo paint scheme (white

over red/gray stripes), P & I 10, 2

time Oshkosh winner. Hangared

at Meadow Lake (OOV) Colorado

Springs, CO. $65,000

THANKS!

[gregwatts]

3 hrs SMOH.....for me....is a red flag. I would find out who did the OH and when. Could be that after spending $25K on a prop and engine OH, the owner ran out of money. It could also be a field OH and they are hoping someone will be want the low time SOH.

At $65K....I suspect the owner was smoking crack......at $49K .....maybe just too optimistic. I suspect this was part of a flying club or flight school.....I would look to see how many times this engine has had overhauls and to what extent.

[jetdriven]

ten grand more will get you a J model.  I wouldnt buy anything sitting three years.

 

What is surprising is it has 3 hours since major overhaul.  It isnt even broken in yet, cylinders and everything else made of steel  rust faster until they get that protective coat of varnish on everything inside.