mpartovi said:
wow! this is completely new to me...although I have seen a few planes at the field that I know haven't moved an inch on their own for over 4 years!!! I wonder how much it would take to get these planes back into the air? and if its worth looking into for a first time AC buyer.
What do you think?
You'd have to take this on a case by case basis. And be very diligent in working up the numbers in each instance. Most, sad but true, you should pass. Like Keith (i before e except after K) mentioned, all of a sudden those ramp queens become valuable again. A PA-28-160 I inquired after had been sitting on the back ramp for 5 years. I contacted the owner and they wanted full price, firm. No negotiations. The aprt had a lien on the a/c for 5 years of ramp fees plus a fuel bill.
A C-177 I spied sat for 3 years. The owner would negotiate but he wanted to start from a bit more than $77K. Wing corrosion, gear motor problems, multiple ADs not complied with, and the owner was to keep the avionics upgrades. Seems he was content on letting his investment reduce itself to a pile of junk. The aprt finally declared it a hazard several years later.
A Grumman Cheetah, sat for 4 years, good engine time, all ADs, mice had gotten into the interior, aprt lien, sun bleached paint, crazed glass, partial cowling missing. Owner wouldn't sell for less than $45K.
A pristine 182 I saw the owner haul to his barn a short distance from the aprt. Owner's father--original owner--had a stroke, owner meant to learn how to fly but never did. That was almost 20 years ago and the bird is now a playhouse for the squirrels. About 8 years ago I made another offer on the a/c and the owner just wouldn't here it.
What is with these guys? If it aint flying it aint keeping it's value.