I’ve come across this question more and more in recent years since publishing my homepage about my airplane.
The question I do hear a lot is mostly asked by people who have been dreaming for a long time to own and operate their own airplane. They notice that all of a sudden the prices on planecheck and similar sites have come down to the extent that buying an airplane comes into their financial reach. These are people who are willing and able to spend between 20k and 50k for an aircraft and operate it on a 10-20k p.a budget. The choice in types and airplanes within this price range has massively increased in recent years.
The profile of such a person is usually a pilot who has done his PPL and has rented for several years whatever his flight school/club has to offer. 200-500 hrs total, VFR of which some have started looking towards an EIR or IR. Most want to be able to travel unrestricted by flight school conditions (daily minimum hours) and want increased availability. They currently fly 50-60 hrs a year. They are looking for an airplane which will give them as little trouble and as much flying as possible.
Since I’ve started to give helping hands to such people, several are now owners who did shy away before, mostly due to airfield rumour mills and aviation forum experts who will always repeat the same catch phrases: “If you have to ask how much, you can’t afford it” and other typical “sour grapes” statements now are owners of quite a variety of airplanes. On the entry level <50k total outlay I’ve seen Grummans, one AS202 Bravo, several PA28, vintage Mooneys and some Cessnas.
Personally, I believe that the low prices on entry level airplanes are a chance that should be exploited. Older but well kept “simple” certified planes such as Rallyes, Cessna 172’s, PA28, AA5 to PARO II/III, M20vintage and similar airframes usually have a lot of life left in them and can provide newcomers with an economical and enjoyable experience.
For me, a foregone conclusion is that only airframes which fulfil the following conditions will come into this group:
- at least 500 hrs or more engine potential (as well as 5 years time where that applies)
- avionics suitable for the intended use. VFR that would mean a radio and a mode S transponder plus a portable / semi portable GPS of one’s choice. (Where and when do people actually need 8.33 for VFR for instance? How long can a simple VFR tourer still fly with a 760ch radio?) IFR, what is needed in the country of operation.
- Aircraft should be airworthy, preferrable come with new ARC and 100 hrs check/pre buy inspection (which may be combined.) There should be no deferred maintenance or hidden technical traps.
- No “Projects” but valid, useable “fly away” airframes.
Beyond that:
Which types do you consider suitable for the “standard flight school renter”?
Are there types which are, due to spares, gotchas, other items, not suitable for new owners?
Which types can do with an outside parking if due diligence (cover, proper anti corrosion treatment) is observed?
Which types explicitly need hangars?
What are the minimum requirements in your country for a VFR airplane to fly in and outside of controlled airspace and airports? COM/NAV/XPDR/ELT/other?
Cessnas: how important is the SID done outside Germany, who seems to be the only country that absolutely requires it.
What is your experience with airplanes you bought in this price range? What did you do to them over the years, how have your costs been.
Other inputs?
And on the social aspect of it: How can we help putting the real life truth out there and dispell the rumour makers and nay sayers which seem to be so omnipresent at many of our clubhouse tables and most other forums.
Ideas are welcome.
These low prices have been there forever. In the 90ies, together with two colleagues, we bought a Piper Seminole for 37.000 GBP. It was more or less 10 years old then, had a current C of A and was IFR equipped and approved. Similar aircraft can be bought for similar prices now, 25 years later.
Mooney_Driver wrote:
What is your experience with airplanes you bought in this price range?
After a very short time, one finds out that the big cost factor is not buying the aeroplane, but operating and maintaining it. The cost of operation and maintenance is almost the same for new/expensive and old/cheap aircraft. After some years of operation, the money spent on the purchase will have become a lesser and lesser factor in the calculation. The difference between buying expensive and cheap will only become evident when the aeroplane is getting sold after some years. An old/cheap one, maintained to current standards, can be sold for almost the same money that it was purchased for (a 37.000 GPB light twin can not really lose any more value as this is already close to the value of the copper contained in the wiring looms 
). The new one on the other hand will lose around 50 percent of it’s value over ten years (or 75 in case of some models of business jets). Part of this loss will be covered by less frequent unscheduled maintenance events but this is about it. In my experience, old/cheap aircraft that are well maintained are not less reliable than new ones.
I have not been seriously looking at “old” MEPs but my impression is that “old” SEP prices have halved since 2002 when I was looking at some Archers.
What I am not sure about is the extent to which the average age of the said aircraft has increased. Even though the Archer is in theory still made, because the production numbers are close to zero there are very few Archers on the market which are less than about 20 years old.
Back then I would have been looking at GBP 50k inc VAT for a good specimen with maybe a half time engine.
In my experience, old/cheap aircraft that are well maintained are not less reliable than new ones.
I think the key is in “well maintained”. The reasons why people sell their planes are numerous, and include a bunch of less than honourable reasons which have always been present and which are sitting there waiting for somebody who doesn’t do a proper prebuy 
Like Mooney, I encourage ownership over club or renting. The costs and scare tactics are way overblown. Also, once they become owners, they also normally become owners for life. Many airplane owners will step up or move to other aircraft over their flying careers. And all clubs I see have delusional valuing of their asset. You can buy a whole plane for what some of them ask for a quarter share.
You can buy a whole plane for what some of them ask for a quarter share.
The explanation usually given is that a 1/4 share is much more affordable, so a plane split say four ways is generally valued at maybe 1.5x more
My random musings on the path to aircraft ownership – i.e. what I think I’m looking for in a plane – please correct me:
– I don’t really care much for how much time is left on the engine, because:
– the overhaul cost is reasonably known, it can easily be factored in when comparing two planes
– one can go over TBO (extra bonus, if one is lucky)
– I don’t mind the plane being close to (or just out of) an annual, because a good prebuy effectively is an annual, so might as well pay that once and have it be done by someone I trust
– a 8k33 radio will be mandatory after Jan 1, 2018
– logs, as complete as possible (have them looked over by someone knowledgeable, like a CAMO, before any serious consideration)
@Mooney_Driver – thank you VERY MUCH for posting this! I have been meaning to ask, but keep stalling and stalling so I don’t look too stupid…
edits because I posted accidentally…
You get what you pay for…buying an old, cheap aircraft comes with plenty of maint. nightmares…and potential safety issues. The truth is, flying is not a poor man’s sport. Imagine the hiways filled with 50 year old cars? Well, the big difference is the old aircraft quitting in the air is a LOT more dangerous than just pulling over to the side of the road.
USFlyer wrote:
buying an old, cheap aircraft comes with plenty of maint. nightmares
Buying new expensive aircraft come with plenty of maintenance nightmares too… My clubs four 172SP, which are all less than 4 years old, had to have their propeller eddy current inspected…
AdamFrisch wrote:
Like Mooney, I encourage ownership over club or renting. The costs and scare tactics are way overblown. Also, once they become owners, they also normally become owners for life.
Notice in the most recent quarter of aircraft sales in the USA. Mooney sold two planes. Cessna sold 29 172s. Cirrus sold 87 SR22s.
