Thanks for the responses. It is good to see I my estimate is close to what others think.
Hung, yes, I have done the AOPA valuation and came up with what you did.
The avionics are basically a full IFR setup (less GPS), one KX155 radio, one Cessna radio, Cessna transponder, and a PS Engineering audio panel. See the attached pictures of the instrument panel.
Matt, I do not think that is a sparrowhawk prop. The guys selling the plane said the prop was on it when they bought it, but they had it re-pitched to make it more of a cruise prop. They think the prop was replaced to avoid the inspection requirements on the original prop (I think I remember reading something about that).
The plane is located in South Florida (I thought I updated my profile to show my location, I'll have to check that). They bought it from someone in Alabama, who bought it from someone in Kansas City (where it spent most of its life). It is stored in a hangar now, and they think it has always been stored in a hangar. There are no corrosion issues (so they say).
OK. Obviously they are asking more than either of you estimated, since I came up with the same estimate as you. To me, it appears that the engine life is the main thing bringing down the value.
They are asking 39K for it. They claim that because they have put so much into it, that it is unlikely there is anything that will need to be fixed outside of regular maintenance (I would guess that is probably true).
My intended use for the plane is to put it on a leaseback at a local flight school. I am currently a student pilot (just soloed yesterday!), and am looking for a way to reduce my flying expenses over just renting. Not only for the rest of my private pilot training, but I would also like to get an instrument rating and be able to build some time/experience on the cheap.
I think that a good looking plane will rent more often, and if the maintenance is as good as they say, I should be able to build up my maintenance reserves before I have to fix anything.
However, the plane will be used around 80 hours a month (my estimation), and that means I only have about 13 months on that engine before I have to overhaul. My engine fund will not be fully funded by then.
I think they are asking too much for it, but I am unsure of what to counteroffer. It seems to me a perfect 152 with a low-time engine would go for 40K. They are asking almost that with half the life gone in the engine.
