Lots of great insight. Thanks for the comments, folks.
I'll try to fill in some more information as much as I can.
Remind me not to put a wood panel overlay in my Cherokee.
Yeah, I agree. When you first open the door, it looks good, but then when you go to operate a switch, like the master, you notice that it is recessed. It is not a deal killer, though.
My theory is they got hosed on a couple of annuals (note: don't use their mechanic for a pre-buy) and are trying to recoup that, the full price of the plane, maybe some new tires/brakes/etc. ...but since they have done nothing major to the engine, and the prop was on it, what have they done?
I think you may be on to something there. They definitely made sure I knew how much it cost to replace this or that. They may have bought a worn out plane and had to put some serious money into it to keep it in the air. Their biggest contribution, in my opinion, is they improved the interior cosmetics and fixed the existing mechanical issues.
These owners have priced themselves right out of the market, John! They aren't likely to come down 1/4 to 1/3 of their asking price to more reasonable values.
Carl, I agree with you. This was what I was thinking when I posed my initial question. Everybody always puts an initial asking price slightly above what they really want, assuming they will get a lower offer with a compromise somewhere in between. The problem here is they are so high, I think a reasonable counteroffer is going to sound insulting because it will be such a large dollar amount off what they are asking.
What's the value of an airplane? A very tough question indeed. It totally depends on the attitude and frame of mind of the buyer and seller.
Yes, very true. However, the price needs to be framed with some sort of reality, especially if it is on the high side.
My insurance co. says the hull value is $27,000 so that would be the max I would pay for it if I was buying it.
Excellent thought, Ron. I certainly not going to pay more for it than I can insure. I will check into that. That may also bring them back to reality, since all buyers will have that same issue.
Question! Is the wood overlay a legal modification in a C152? I have to agree with the above replies. It is over priced and worth about 25-27K max. There are a lot of planes on the market and I believe you can find a better deal. Have you considered a 150 or do you want to stay with the 152?
I believe the overlay is legal, but I will leave it to the experts here to answer that one.
I am glad to hear some agreement on the value of the plane. I thought their asking price was too high, but I wasn't sure if I just didn't know what I was looking at.
As far as 152 or 150. At the moment, I am staying with the 152. There are two main reasons for that. Number one, I believe the interior of the 152 is a little bit bigger (please correct me if I am wrong). The second, and more important reason, is that the flight school already has a 152. I don't want my plane to get less business because it is 2 less (really vague Spinal Tap reference).
I know, I know, there are lots of reasons why the 150 is every bit as good as the 152, if not better, but my main customers are going to be new students. If you didn't know any better, and had to choose between an older 150 vs a newer 152, what would you chose?
Here's another 152 for sale. You can see pictures of it here. Bryan knows about his C152.
Someone point Bryan in my direction, please. Or let me know how to get some more info on this plane. Remember, I'm new here
I am open to looking at other 152s. If anyone knows of a good one for sale with similar specifications to this one, let me know.
You mentioned you want to put it on leaseback and hope to recoup some of the expenses? This may help, but then again, with new students flying it, with a lot of full power and then 1500 rpm glide for landings, hard landings, etc. it may actually cost you money instead of generating money? Check out the insurance needed for this and make sure you have an honest person in charge of the renting and an honest mechanic that will do the maintenance on it. Also, know the instructors. Are they going to spin it, how do they demonstrate loss of power situations, do they go to full power and chop the power fast etc. Just my 2 cents worth.
I appreciate the concern, Bruce. Believe me, I am researching the heck out of this. I do have some unique insight into the school, as I am currently a student there. I have dealt with several instructors, and have even talked to the owners about the leaseback. I know the conditions of the rest of the fleet, and know how they maintain them. Heck, I'm flying the other 152 during my lessons right now.
Students can be rough on a plane. I know, I am one of them! My goals in this leaseback situation are modest. All I am looking for, in the end, is a cheap way to build some time/experience and reduce the cost of a couple of ratings. By the time I find the right plane, I may be done with my private. That's OK, too. I also want to get an instrument rating.
This idea is not without risk, of course. But the existing (and only) 152 in the fleet is the most popular plane with a two week waiting list to use it. I definitely see a potential market there.
Thanks for all the great comments. Keep them coming!
John
