Buying into my instructur 182?

gil_mor

gil_mor

Pre-takeoff checklist
Joined
Jan 15, 2011
Messages
248
Location
Sedona, Az
Display Name
Display name:
gil_mor
Hello,

I got my PPL about a month ago, I'm planing on getting all the ratings up to ATP as well as building hours so I could one day make a living as a pilot.

My instructor has a 1956 Cessna 182, old bird, but so far it treated us well.

He is offering 1/3 of the plane for 10k.

Money wise - it looks like a good investment (Roughly 40k for 3 years, instead of 53k renting (400 hours of flight).

He is 78, and has very few students if any, so I should have a lot of time to fly.

After 3 years - I will probably won't need it anymore - how hard is it to sell 1/3 of 1956 182?

What do you think, should I go for it?

Thanks!
 
Some shop visits, some annuals, etc could VERY easily eat up the 13,000 difference.

How is maintenance paid for? Is there a reserve account that has the money to cover that sort of thing or are you expected to instantly hand over your share of the cost?
 
Certainly worth looking into. How many hours since overhaul?

Since you've been flying it, you have a sense of the maintenance issues that have come up and of how well it's been maintained.

Is it IFR certified? If not, it won't take you too far down your stated path. Are the avionics going to suffice for your needs?

182's in general have always been in high demand due to their versatility. There shouldn't be too many problems selling a good quality model, even if it is older.

Plus, getting experience in actually owning an aircraft at a relatively low entry point is worth something right there.
 
Thanks for the quick replay!

jesse said:
How is maintenance paid for? Is there a reserve account that has the money to cover that sort of thing or are you expected to instantly hand over your share of the cost?
Click to expand...

Its something we are thinking about - we might start a fund, we'll see.

gprellwitz said:
Certainly worth looking into. How many hours since overhaul?
Click to expand...
Engine has 4600 hours, and 1000 since overhaul. We are planing on a cylinder replacement in about 300-400 hours, and the estimate is $6700. That number is taken into account in my "3 year plan".
 
I think 1/3 of a decent example of a straight 182 for $10k is a very good deal.

Your profile doesn't state where in the country you are but straight 182s are in demand in some areas for their increased backcountry utility (for those who don't want taildraggers.) But that doesn't answer what reselling 1/3 of the plane in your area would be like, only what it would be like reselling the entire aircraft.

Edit:

Oh by the way:
:needpics:
 
I would advise caution. There's a lot for which that 182 will not be suitable as you progress through your quest for higher certificates and ratings.
 
Oh yea I forget to mention its IFR rated.

As for my commercial - I'll probably have to rent a plane with retractable gear. No one will insure me if I buy one right now, which I wont.

I live in Sedona, AZ.

Forget to mention - I'm going to take it for a pre-buy check, to know what I'm getting myself into.

Pictures coming soon.
 
I'm 99% sure, since I know the plane was used for IR training and practical test. I'll double check though, thanks!
 
Ron Levy said:
just what do you mean by "IFR rated"? Are you sure it has all the equipment needed for your IR training and practical test?
Click to expand...
Hey its had a static altimeter test and its got a transponder and a scattered layout, what more can you ask for ?

I'd walk, 10k buy into a bunch of maintenance the owner who wants help to pay for.

I'd rather buy this.

http://www.trade-a-plane.com/detail/1075042.html

At least this has a modern layout, and a heated Pitot tube, and great radios with GS and ILS plus a ADF and DME.

you can't build this aircraft foir the asking price and the seller will probably take less.
 
gil_mor said:
I'm 99% sure, since I know the plane was used for IR training and practical test. I'll double check though, thanks!
Click to expand...

The question I would be asking the seller is simply show me what approaches can be done in this aircraft as equipped.
 
Tom-D said:
The question I would be asking the seller is simply show me what approaches can be done in this aircraft as equipped.
Click to expand...

That I'll do, and since the seller is going to be my CFII - he should know.
 
alaskaflyer said:
I think 1/3 of a decent example of a straight 182 for $10k is a very good deal.

Your profile doesn't state where in the country you are but straight 182s are in demand in some areas for their increased backcountry utility (for those who don't want taildraggers.) But that doesn't answer what reselling 1/3 of the plane in your area would be like, only what it would be like reselling the entire aircraft.

Edit:

Oh by the way:
:needpics:
Click to expand...


Richard why does a straight tail have more back country utility than a slanted tail 182?
 
AdamZ said:
Richard why does a straight tail have more back country utility than a slanted tail 182?
Click to expand...

The early 182 has trim that varies the angle of attack of the horizontal stab, which makes it a little faster, and the early ones have a higher stance than the later versions.
 
The 182 model has a much higher stance than the A and subsequent models resulting in more prop and wing clearance. Also the straight tails (in addition to what Tom said about the trimmable stabilizer) are lighter and thus more nimble. The trade off is less useful load.

There is a school of thought that the 59 182B was the best of the 182's through the late 60's. But some like the 56 for the landing gear alone.
 
gil_mor said:
As for my commercial - I'll probably have to rent a plane with retractable gear. No one will insure me if I buy one right now, which I wont.
Click to expand...
Au contrare. I have about 80 hours, 20 in complex, and my complex endorsement...I got quoted insurance in a 1978 Turbo Arrow III no problem and less than $2K a year. Would be required to do a few hours of transition training which I was planning on doing anyway so no big deal.

My point is don't kick retracts out of the mix. You can get covered.
 
Selling a 1/3 share in an airplane is MUCH more difficult than selling the entire airplane. I would urge caution on this transaction. Though it may be a good deal, it may also be that the owner wants help paying for mx, as Tom mentioned. The owner is likely to continue to think of it as "his" airplane and that you are simply a "user".

If you do it, make sure you have a written agreement that defines such things as how upgrade decisions are made and financed. How major repairs are authorized. What the exit strategy is for any one individual and whether remaining shareholders have right of first refusal and/or approval of the buyer. How will it be valued if someone wants out? In addition to a maintenance fund, what about an upgrade fund? How will insurance be apportioned? If he's doing instruction, he may have a commercial policy that is much more expensive than a personal one. Who's got the other third? What about scheduling priorities? If you want to take a trip and he has a student who has a checkride scheduled, who wins? If the aircraft is damaged and suffers a devaluation because of that, who takes the hit? Will this be held in an LLC or Corp? If not, you sign on as a co-owner rather than a shareholder and could find yourself paying for legal defense if one of his students cracks it up.

Partnerships can be excellent. They can be messy. They are almost always more complicated than they appear on the surface. You are marrying your partners and the airplane, and managing the life can be challenging. Extricating yourself can make a divorce look simple.
 
You must log in or register to reply here.
Back
Top