Just wondering how you guys choose your upgrade priorities when it comes to powerplant vs airframe vs avionics vs paint vs simply selling what you have and trying to buy a new bird with the upgrade you were considering.
So many things that are shiny, but the budget says we must prioritize and choose.
Rather than specific components of the airplane, how about functionality first? Of course if I total up all the improvements (very few were due to ADs) I have no doubt I could have bought another airplane. But there's no guarantee I could find one with all the features I wanted for the comparable expense. My rule of thumb is 1) Safety 2) Comfort 3) Cosmetics. It's unlikely I'll ever paint the airplane, just not economically practical.
I know most of the first couple years I concentrated on safety issues:
1. Shoulder harnesses
2. strobes
3. rebuilt seats that where the foam had completely disintegrated
Then I went for functionality because a local shop (no longer in business) pretty much trashed the entire pitot system, so most of the instruments were either rebuilt or new.
Next step was better functionality in the avionics. The airplane was VFR-day and I upgraded everything needed for IFR. Installed an engine monitor. A GPS is not economically feasible this year - I really need to replace the 30 yr old appliances in the house. I'd really like an Aspen, but again, not this year. Or probably next year, either. I can justify the GPS but I really want the Aspen. What can I say, I'm a geek!
In 2011 during the engine overhaul it was time for more comfort. All new interior, ran wiring for the 406 ELT (possibly this year's purchase, haven't decided yet), removed 10 pounds of 45 yr old wiring, etc.
Unless you have an STC for either turbo or different engine, not much upgrade is possible with the powerplant. Airframe - some mods make sense, some don't. Depends entirely on the airplane and ROI (return on investment).
What it really comes down to is your comfort level with the airplane. Do you want to spend the money to make it what you want, or do you want to go try and find something either what you want or close to it, knowing you'll still have to spend some $$$.
And the ever present definition of "mission". Does the airplane you have now satisfy 80-90% of your requirements?