I am not an expert on buying and selling airplanes but it is my opinion that the value of pre-purchase inspections are highly over rated, through scrutiny of the paper work isn?t.
I'll agree, Wayne. Unless you, the buyer and / or your own personal mechanic is doing the prebuy, then paying for such is pretty much a waste of cash.
But paperwork? The previous Owner of Mr. Ed mailed me copies of EVERYTHING related to the airplane. The possible red flag here was a big gap in the entries from 1989 to 2002. Where, beginning in 2002, documented extensive work had been done, including a complete major overhaul. This airplane sat for over ten years and then somebody chose to bring it back to life.
Yet, $22,000 for a Cessna 150/150 with a newly overhauled engine? I thought it worth the gamble. Thus Gary's well documented adventure began of delivering Mr. Ed to Oregon. I then flew it for a year, including 3000 miles to Clinton, round trip.
Things requiring repair during that year? Muffler system, (Slap my hands for not catching that one sooner!

). Motor mounts. Spinner, (Rubbing on cowl due to worn motor mounts). Fuel valve. Fuel lines. Gascolator. Voltage regulator. As you can see, things that you would expect to find wrong from an aircraft sitting for a long period of time without flying.
But, I now have what appears to be a mechanically sound 150/150, that I virtually purchased sight unseen, with a very very low time engine, for under $25,000. I have absolutely no right to gripe or complain! Mr. Ed's predecessor, N5872G, was also purchased sight unseen. Personally, I believe many folks come up with lots of excuses so NOT to buy an airplane. Oh yea, you hear a horror story now and then about a bad purchase. But, in reality, how often does anybody actually pick up a lemon? When purchasing an airplane you have one of two choices. One is to agonize over every little thing that potentially might go wrong. These are the people that only TALK about buying an airplane but in reality probably never will. We have seen this type here on the Forum many times.
Then number two is to take that leap of faith and jump in with both feet. Just look at the Forum here as an example. Which of these two choices provides the most happiness? Ownership hands down, Obviously!!

Yea! we owners are still agonizing over the costs. But at least we are flying while agonizing!!
