Hey All,
So unfortunately for me (or maybe my insurance company) our Mooney had a gear failure and collapsed on roll-out totaling the aircraft. Looks like it's going to be a total loss. With that in mind we are beginning to look for a new rig. My questions for you guys is how much flexibility is there in the market right now?

We are looking to purchase a plane in the 50-75k range and are looking as most are to get an amazing deal. So for those who have purchased in the last few months, how much did you get off asking price/vref price. My goal is to purchase a plane 20-30% below vref. We are pretty flexible about what we are looking for and would consider a number of models at the right price. So does anyone have any tricks for buying ??

We will certainly be getting a very professional prebuy on any aircraft to make sure it meets our expectations.

Any real world examples of recent purchase experiences would be appreciated.

Thanks

Mike

Try runnin a airplane wanted ad in Barnstormers advertising you are looking for the best plane you can get for $75K or less. Might be pretty interesting. Sure it would be worth the $20-30 for the ad. I'd like to hear/see the responses.
Gary

Used to be a 'good deal' was when both parties were treated fairly......
Definitions change with time evidently.

lc

I just bough a new (to me) plane this week. If you have cash and are not in a hurry, you will have plenty to choose from. It is a buyers market for sure. There are still a few sellers that are holding out for top dollar but the reality is that if you wait you should be able to get a great deal. A lot of sellers are looking at paying hanger rent all winter if they don't sell soon. And many are looking to sell so they can move up in this market. With as many aircraft that are out there now, it does not hurt to just offer what you want to pay. You might get lucky.
Surf Barnstormers and globalplanesearch,have cash and be ready to move.
Good luck.

Littlecub wrote:Used to be a 'good deal' was when both parties were treated fairly......
Definitions change with time evidently.

lc

The buyer is not really to blame for the market values. I wish I could sell my house for what I have in it but I can't.
Hard to know what "fair market value" is in this economy. Bottom line is that the seller doesn't have to sell if he can't get his price. Lord knows that I had to deal with more than my share of low ballers and tire kickers before I sold my last plane. The buyer got a good price and I didn't feel like I gave the plane away. Fair? Not if I factor in what I had invested in the plane. Acceptable is more like it.

I don't think you can get a new airplane for 50-75K

Don't make the mistake I did. Lycoming overhaul. .6 of one hour and sat for 5years. Compressions were fine, oil analysis was good. 5 years and 1000 hours latter it was done. Most likely from sitting. When we oped it we found a bent pushrod. Probably had a stuck valve when they started it after the 5 year nap. That tappet and cam lobe failed.

Moral of the story. If it has set for an extended time NOT pickled. Arrive at a price that included a tear down inspection and any repairs. Or get a good enough price that if you have a problem you still come out ok. That is what happened to me.

Cheers...Rob

Thanks for all the advice.

As for a "both parties being treated fairly", a fair deal these days is whatever you can get someone to pay. I am not looking to make friends I am making a huge purchase for a tool. I want to get the best price I can on that tool.

As for the sitting engine I agree, anything that isn't flying is rotting.

Definitely starting to make some offers and get a feel for what is out there. Always fun shopping!

One thing I've learned is that if you are looking for something specific you have to pay more for it. If you are open to different planes you probably can find a great deal. If you want it cheap, you want to look for sellers, not planes. There are so many people in bad financial shape right now that they will eventually have to sell . Like me, I didn't want to sell my plane and I figured it would be the last thing to go. Finances and my situation forced it sooner than I wanted but such its life.

I got about half of what I had put into my plane in the last three years. The guy got a great deal. It wasn't the buyers fault that I had to sell it so cheap but I was competing with planes that were probably in a lot worse shape but a few dollars less.

People shop by Type, logs and hrs. That's really not a great way to compare planes. Some of these planes are 50+ years old and a lot can happen in that time. You need to spend a lot of time shopping if you want a deal. Plan on spending time and money actually looking at the planes. I had dozens of calls and everyone would tell me that I was asking more than everyone else. I kept telling them that the first one to actually look at my plane would probably buy it. They did.

The guy brought his mechanic and the deal was that his mechanic would annual my plane. If he didn't want to buy it, I paid for the annual. His mechanic told me to commend my mechanic because there was absolutely nothing wrong with the plane. You'll probably love whatever plane you buy. Don't be fixated on the exact plane you think you want and you will score big right now. Good Luck!

Snail, what sort of airplane are you shopping for? even if you're not locked into a particular make/model, you should have some idea what you want: taildragger STOL-ish plane, retractible-gear traveler, heavy hauler, ??