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
Your $60K figure is about right, according to my experience. (I'm not a mechanic and had to pay to have everything done). If I had known then what I know now, I may have done what you suggest, although I must admit that I am pleased as punch with my $20K 100% All-New-Parts Teledyne Mattituck 0200A (also came with new carb, mags, harness, starter, and alternator)
I've put 140 hours on it since it was installed, and it runs great. If I can get 10 years of safe, relatively trouble-free flying out of my airplane, the money I have sunk into it will have been worth it.
I also had the plane painted have have spruced up the avionics and inside. I would never expect to get out of it what I have sunk into it. If I ever lost my medical or whatever, and had to sell, I'd list it for "best reasonable offer" and let it go for whatever the market bears.
