It would be my opinion that if the airplane is in as good of shape as it appears, it is worth $17K.
In the larger scheme of things, if you own it for a year or two, maybe put 200 hours on the plane, you will probably do OK on the resale.
The unknown is the market, but say it turns down even further, you could still probably get around $15K, especially if you put in an MX300 radio, and do some general pride of ownership sprucing up, maybe repaint some of the interior plastic etc.
Doing the math, that's roughly an additional $10 an hour cost of flying for depreciation. In the big picture of airplane ownership, that's peanuts. And there's an even chance you'll do better than that.
