OK - always good to know some of the criteria others use for judging these things. I've been casually looking (online ads only) at what kind of used IFR equipped Cherokee 140s are available for under $30k. Ideally built 1969 or later. Obviously ads don't say a lot, but my own criteria would focus on airframe soundness (I can't tell at all from the ads; TTAF doesn't seem likely to tell me much, or would it?) and engine (anything under 1500 SMOH and overhauled at least since around 1995.) Nice interior and avionics is lower priority to me.
Total time usually isn't that big an issue unless you're looking at flight school aircraft. The airframe has fewer parts than your car, motorcycle, and possibly your lawnmower. So long as there is no corrosion and the ADs, what few there are, have been attended to, it is likely to be solid. As far as engine, that will depend on the usage. However, when buying an aircraft with a mid-time engine I would want to see it flown consistently since the last rebuild. That is actually a lot more important to me than the actual time since overhaul. An aircraft with a higher time engine will command a lower price than that with a lower time engine.
Not sure if the above criteria are reasonable basis for initial screening. I do know that on price alone, the airplane referenced in this thread would screen out - however, $30k is moderately arbitrary screening point in the sense that it is my most comfortable initial cost based on what I suspect is available. When I set the screening point to $40k I see more options, but since I see possibilities under $30k that seem to meet my criteria, I have to ask whether it makes sense to up the price range - or whether the aircraft I think are plausible possibilities under $30k are really all dogs.
Keep in mind that paint and interior cost far, far more than ten thousand dollars. Also keep in mind that eventually you'll want to sell the aircraft. So yes, I'd pay a premium for good paint and interior. In fact, have you actually seen one that looks that good at that price point? That one shows well in photos, I'd have a good look were I in the market. Also keep in mind that good paint becomes bad paint quickly outside in the northeast. When I got a Cherokee with a good paint job, I quickly got a hangar.
There are really only two kinds of aircraft you really want. Either the perfect one that has been restored by someone else, so you take the price break, or the rattiest one that you restore yourself. Again, the one you reference looks very nice for the information give. Were I in the market I would definitely start grilling the owner, and see if he or she ever scanned the logs. If not, no biggie. The logs for my plane are voluminous, I never did. But if he or she did, you can have a quick look at what was done to see if you are interested.
I've been very happy with my Cherokee. The costs of ownership haven't been horrid, it gets me there, and has the legs to do it without stopping.
