Club Homepage Forums Classified Ads Buy & Sell - Everything But Airplanes Help me estimate the value of this 152

Hi,

New member here. I am looking for a 152, and have found what I think is a pretty nice one in my local area. Of course, I am new to all this, having never bought a plane before.

I have been researching 152s and have a reasonable feel for the current market. The problem I am having is putting a value on this particular plane.

Here are the particulars:

1980 C-152 II
TTAF: 5145
SMOH: 1341
Prop TT: 364
Annual in June 07
IFR check of Pitot/Static system July 07

IFR setup with one KX155 and the original radio as backup. What looks like the original transponder and a PS Engineering Audio panel.

The interior is a 10/10, in my opinion. The paint is a 9.5/10 (it looks original, but touched up in a couple places).

It is owned by two airline pilots who bought the plane so their sons can learn to fly. That accomplished, and both of their sons off to college this year, they are looking to sell it.

From looking at the plane and talking to the current owners, it is clear that they have gone above and beyond in the maintenance department.For example, when they got it, one of the fuel tanks leaked, so they replaced both of them. Any time they found something wrong they fixed it (according to them).

They have all the log books, and after a brief look, I would say that is true.

It also has a woodgrain overlay on the instrument panel. I'm not sure I like it (it's OK), but it does have nice lighting for the instruments. I'm sure some of you are familiar with this setup.

The prop is a nearly new Sensenich.

They had enough faith in the plane to let their two sons fly it to Oshkosh and back this summer.

Everything seems in order, but I think they are asking too much for it. I mentioned that to them, and they said, give us an offer. That is why I am coming to you. I'm not going to post their asking price yet, because I want to see what everyone thinks first.

I have plenty of photos of the plane, and can post some if that will help.

This is early in the game, so I don't have all of the information yet. They are all in favor of a pre-buy by a third party, and have no problem fixing anything they need to to close the deal. I also think they will have no problem selling this, so I need to decide if it is worth pursuing or not.

So what say ye?

Are you an AOPA member? If so, you can use their online Aircraft Valuation Service. I put in the specs you gave and it came back with $30,000. See attachment. Since you said the interior is 10/10 and paint 9.5/10, I put in as New Interior and New Paint.

You didn't list the avionics. They affect the price quite a bit.

Sounds like a really nice plane, from what your are describing I would assume they are asking around 24000-27000? You say it has a Sensenich prop.. Did someone do a half sparrowhawk conversion on it perhaps? Hung and I both have 1980 152-II birds, and Hung has spent alot of time "under the hood" of his and knows it pretty well.

We'd love pictures! Where is it located?

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.

Thanks for the comments.

Remind me not to put a wood panel overlay in my Cherokee.

They are definately asking too much. Nice bird, but regardless, they cannot expect to get out what they THINK they put in. Honestly, without upgraded radio's and unless there were some major issues, what in the world do they think they have put into it?

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?

So....they are being unrealistic. You have a couple of choices. Take the AOPA evaluator with you, take some ads of other 152's in nice condition, and try to respectfully educate them with the price you are willing to pay. Don't insult them as everyone has a right to his or her delusion. If they say no, tell them thank you for your time, I am going to continue looking, but here is my number if you ever change your mind.

It may be too that they like having the airplane around, so see no immediate need, and figure if someone is willing to pay the price, fine. If not, they will keep it. That is valid too.

I am finding this same phenomenon with motorcycles right now. Winter is coming, and these crazy people want the same price for a 2006 (two model years old) as I can buy it for new. Why...because "that's what I paid for it". No concept of "value" and no concept of negotiating with the dealer. Sellers bad decisions do not justify me getting ripped off.

Way too high - 39 K.

27 K tops.

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. They are either uneducated as to the aircraft's real value, or they're waiting for a sucker!

Make sure it's not you!

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.

Personally, for myself, function is what values a airplane. Pretty paint is nice, but not a necessity. Snazzy interior is nice, but again, not an necessity. High tech avionics? Same idea. None of these things makes the airplane fly any better or perform any better. What is the general condition of the airplane underneath? How is that engine running? Those are my priorities. To put money into an airplane that you could obviously never get a return from is foolish to me. So I tend to value airplanes towards the lower end of the scale. To me, top price to pay for a standard 100 HP 150 with mid time engine is $20,000. I bought and sold one 150 already. I sold it for approximately the same amount of money that I had put in to it. I now have a 150 HP 150. Unless something drastic happens to the market, I will easily resell it and recoup my money. I plan on putting no more money into it then I plan on recouping.

Now, for the other example, I will use Bill Warner, because he is a friend, (And I hope that he remains a friend!) Anybody who has seen his airplane have no choice but to agree that it is the absolutely most gorgeous example of a Cessna 152 out there. This airplane is far prettier, and outfitted better, then when it came off the assembly line. Gorgeous! Absolutely gorgeous? For Bill, it is the ideal airplane. He was able to pay, and make his additions, at a price which surrounds him in the airplane in which HE is comfortable. He once (mistakenly), asked me what I thought the airplane was worth. I told him maybe $27,000. (I did pad my figure some what because it is such an exceptional airplane.) Immediately, I realized that I had said the wrong thing.

My way of thinking? Yes! It is an absolutely gorgeous airplane. I love looking at it, pointing it out to others, and bragging that I know the owner of this exceptional airplane. But, for me personally, it is still just a 152 underneath. Performance wise, it does nothing absolutely nothing any better then any other 152. Actually it is even less useful. For he will not take his airplane in and out of places that I take mine. For the same money he has invested in that 152, I could have a decent 180HP 170, 172, or 175. With much more function and performance then a 152.

So, what is the value of Bill's 152? Ask one person who really appreciates the finer things and they may give you the high figure of which it may be of the more deserving. You ask Bill, and he will admit that he has far more money in the airplane then he expects to get out of it. You ask a cheap skate like me and I will base the price on a no frills 152. It all depends on the individual.

Is there a right or wrong with the way one happens to think? Absolutely not. Different people have different perspectives. If we were all the same in this world, it would be rather boring, would it not?

So, how much is that airplane you are looking to purchase worth to you? You, the buyer, is really the only one that can answer that question truthfully.

It's not an airplane, but just another example of what I am trying to say. We just purchased this pickup for Justina. How much would it be worth to some of you out there?

John,
That is a nice looking plane but not worth what they are asking !!
Like Hung and Matt I have a 1980 152 also. 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.
Call an insurance co. and see what they will insure it for.

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?