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Brian,

There are some very good guides on how to protect yourself when you buy a used airplane; I'm putting up this reference because I can find it fast: http://www.avweb.com/news/pilotlounge/182682-1.html

Also check to see what AOPA and EAA have to say on the subject before you start your search. When learning to fly, a student is not taught what s/he needs to know to buy or own an airplane; nothing about the regs (the owner is responsible for maintenance) or what to do to protect yourself. Ownership is not on the written or the checkride. So, it means doing a lot of homework and being careful, because there are a LOT of poorly maintained airplanes out there. I have been looking for an airplane to buy into in a partnership. A few months ago I thought I'd found one, everything looked good. The prebuy found $10,000 worth of airworthiness items on the airframe. I was very glad I paid for the prebuy as I walked away from what would have been a bad buy for me.

Also, strongly recommend you don't fall in love with a particular airplane, it can really blind you. I just flew one I liked last Saturday. I'm crazy about it, but it has 30-year old linen fabric and is open cockpit - so it just doesn't make sense for me...but I really liked it. I'm in the midst of the process of talking myself out of something would cost me way too much money and I couldn't fly regularly. It's tough to do. I really like it.

Best regards,
Rick

I love Sandy's answer ... sage advice that I, for one, would take very seriously.


When I buy an airplane, I treat it like a business proposition.

My first concern is not the purchase price, nor the tach times, nor the paint job. My first concern is to fully understand my budget: how much money I’ve got to spend on nothing else in my family’s life, but the purchase, operating expense, maintenance and modification of my new airplane.

Next, I establish my priority list of what is important to me in my investment: mechanical condition, cosmetics, avionics, resale potential, anticipated mission, etc.

For example, If I don’t have much money, don’t know a mechanic, and don’t have a lot of trusted friends in the aviation community, then I better find a solid airplane that fits my mission with a low-time, well maintained engine, and things like cosmetics might not be as high on my list.

Similarly, if my anticipated mission for this airplane is to fly to bush Alaska and land on river banks and gravel bars, I should not even consider a Cessna 150-152, (unless Mike Sibley has had his way with it first).

If I plan to keep it just long enough to get my pilot certificate, then purchase price, potential resale value and marketability might be higher on my priority list than engine tach time (even though that will affect all of the above).

If I want to get an instrument rating in this airplane, then obviously avionics and instrumentation has to be high on the list.

Then, I try to imagine (because I can’t really calculate with any degree of certainty) what the total cost of ownership over the expected life of my new aircraft. If I only have $12K in my budget, and I find a high-time 150 for $10K, I should turn and run. If I have $25K in the bank, and I find an $18K low-time 152 with good cosmetics and excellent maintenance records, I’ll look more closely. I always have a “trust fund” that exceeds the purchase price of any airplane I’m looking at, that approaches twice what I’m willing to pay up front if I’m looking at the least expensive airplane I can find.

Before I make a final decision, I’ll do a risk assessment. If I find an aircraft I’m interested in on eBay, or in an ad for which I have no knowledge of the airplane, it’s owner or it’s history, then my risk is high and I better have a pretty healthy trust fund.

If, on the other hand, I am buying Uncle Fred’s wonderful one-owner Cessna 150, for which I know the history, I know his maintenance philosophy, the numbers are good, it’s been hangered since new, I’ve flown it a number of times ... the risk is lower, and the trust fund probably doesn’t have to be as high a percentage as the plane on eBay. That doesn’t mean it is risk-free. I’ll still assume a measure of risk and have plenty of money in the bank after I write Uncle Fred a check.

Even Uncle Fred’s engine can surprise you at the first annual, or a radio can die, or a vacuum pump go south, or a mag can self destruct, and if you don’t have the money in the bank to repair it, your entire investment might be in jeopardy.

Terry,

A sage friend of mine once said that you should bank 25% of your budget rather than use it on the purchase - you'll use it in the first year on maintenance.

It was perfect advice for the three airplanes I've owned - even with careful pre-buys.

Best regards,
Rick

I absolutely agree with that Rick. Most owners know well in advance that they plan on selling their airplane so they defer small maintenance items that won't be deal breakers on a sale. The new owner often finds at first annual a whole raft of small items that add up to several thousand to rectify.

The first year year of airplane ownership can be surprisingly and heart breakingly expensive.

Truer words have never been spoken. First year annual for Mary Lou included a top overhaul to the tune of over $5000. Second year annual ran $2700.

Tread sofly and beware. The 100 ounce gold nugget bird is out there for you, but there's a lot of Fool's Gold.

That said, I still love my Mary Lou!

I have to agree with Sandy. Even if you are a handy person and have a great AP to work with,some of the smallest parts are quite expensive. Buy the nicest plane you can afford upfront, you won't regret the time you spend looking for the right airplane. Use the resources of the folks here, they are a great group of folks and have all stood where you are now. Learning from them is truly invaluable. Just don't bring up MMO, or this thread will go sideways.

I really got lucky my first annual was only $600. I knew that I was going to buy my plane by how the owner talked about "his plane." It had been hangered all its life. He was selling only cause his wife was pregnant. I flew from Washington state to Arkansas to get what my wife calls "The Bitch." I didnt have a prebuy but the owner spent 2 hours showing me the plane and all the records. I had 90 flyings hours and a new Lowrance 600C. The trip back was an adventure to remember. The attitude of the owner lets you know if they care about the plane. The guy I bought my plane from would be pissed if he knew I dont have his baby in a hanger.

I think this is nice advice as long as it doesn't mean you can only afford a "cheap" 150. Go cheap and you are more likely to need that 25% and a whole lot more! If this is the case you are better off setting aside more dollars before you get into the joys of airplane ownership.

Brian,

Let me add my welcome! You have been given some very good (and very bad) advice! Sandy saved me from making a HUGE airplane mistake and I am forever thankful to her for it! (and I'll bet she doesn't even remember)

Anyway...

Thankfully LOGIC and FACT win out over stupidity every time and having an instrument rating does make you a safer pilot. The accident numbers bear this out time and time again!

The pilot who gave you this advice is a CFI who learned from the very best and gave you good advice, she is going to do my next flight review.

Any and all advanced training you get will and does make you a better and safer pilot, again, facts prove this point again and again. Best of luck with your search!

Keep asking questions!

ya as said above dont buy a 7500 plane unless you know some one