Yah know, thinking of one thing and another, a person could easily sink $60,000 into a 150 turning it into a cream puff.
I could even see myself doing that (though probably to an older 172). Taking that approach, you could end up with a very nice airplane for way cheaper than new.
Which works great if your objective is to have a nice airplane. But things change (lost medical, lost income, etc.) and a plane might need to be sold.
So, if I were thinking of totally restoring and/or upgrading an older aircraft, and I encountered one that had already been "done" without too many hours on it, and for considerably less than "doing" an airplane would cost, I might spring for something way over its Vref value.
Reg
