How crazy is buying a 60 year old 172...

Discussion in 'Hangar Talk' started by Caspar, Jan 9, 2019.

  1. Caspar

    Caspar Filing Flight Plan

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    I can buy a 60 year old 172 that just passed its anual for about $8k... barely any logs, still lots wrong with it but it runs and flies...

    Talk me out of it or into it...
     
  2. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    At 8k??? go for it. 80 hours it paid for itself.
     
  3. Lowflynjack

    Lowflynjack Pattern Altitude

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    The average price is around $22k - $27k, so since if passed annual it sounds like it could be a good deal.
     
  4. Ryanb

    Ryanb Final Approach PoA Supporter

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    your a crazy man!

    I kid!
     
  5. Stephanie B

    Stephanie B Pre-takeoff checklist

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    “Barely any logs” likely means every AD will need to be redone. If the shutdown ends soon, get the airframe records CD so you’ll know what 337s have been filed and what damage has been reported.

    An airworthy 172 for $8k? I’d recommend running away like brave Sir Robin.
     
  6. Greg Bockelman

    Greg Bockelman Administrator Management Council Member

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    Actually, with nothing more to go on, I would think you could fly it for 100 hours and then part the airplane out and actually make money on it as well. Free flying time.

    But the devil is in the details. If it is truly airworthy, why is it so cheap? What exactly is wrong with it?
     
  7. Caspar

    Caspar Filing Flight Plan

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    Lots, but nothing that I know so far that prevents it from flying for another 6-12 months, don’t park it on a hill, no need to do VOR checks, gotta find a compass somewhere or use the sun...
     
  8. DanWilkins

    DanWilkins Pre-takeoff checklist

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    If it is airworthy, has all ADs addressed and has a fresh annual, it is worth much more than $8000. Why would the owner want to give it away?
    Please keep in mind that lots of stuff gets done to fix a bent plane that never enters the logs. Those fixes should; however, they don't.
     
  9. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    Not true, they must be complied with at annual.
    this 172 just passed its annual.
    Plus there isn't any AD on an early 172 that would cost much to comply with.
     
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  10. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    How much can be wrong with an early 172? It's cheap, maybe it is just a good deal.
     
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  11. pigpenracing

    pigpenracing Pattern Altitude

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    If you don't buy it let me know where it is and I'll go pick it up.
     
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  12. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    I want half,, and I come with free maintenance. :)
     
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  13. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    why is that important to an owner?
     
  14. Huckster79

    Huckster79 Pre-takeoff checklist

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    $6k, not a penny more!
     
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  15. Huckster79

    Huckster79 Pre-takeoff checklist

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    $5500 if its due for an aileron fluid flush, filter change and refill though...
     
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  16. AKBill

    AKBill Pattern Altitude

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    Can you give a little or lot more information on the condition?
     
  17. Caspar

    Caspar Filing Flight Plan

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    It runs, flies, guy put like $5k into the annual, decent compression on the cylinders, oil pressure is a bit off. Some corrosion was fixed last year during the annual, it flew about 75 hours this past year. Paint is ok, interior needs help. Panel is ‘original’.
     
  18. Greg Bockelman

    Greg Bockelman Administrator Management Council Member

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    You know, after I made the reply I was thinking that with ratty paint and interior, relatively high time engine, and no radios, $8,000 might not be that far out of line. If I were in the neighborhood, I would be interested in looking at it.
     
  19. RyanShort1

    RyanShort1 En-Route

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    ^^^ He's not airplane poor. Send me a PM instead.
     
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  20. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    Hell no,, he doesn't want you guys with the big bucks swarming all over it. :)
     
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  21. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    Actually you'd insure it to the max, and hope it gets totaled. Insurance companies are the only ones paying full asking price.
     
  22. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    that's a 20 k aircraft.
     
  23. Lantraxco

    Lantraxco Pre-takeoff checklist

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    Why are we still talking about this? Somebody snag that puppy, fly it or part it, or both sequentially....
     
  24. Salty

    Salty En-Route PoA Supporter

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    Yesterday your advice was a full annual for a pre-buy, including checking wheel bearings. Today, since the plane has had an annual in the last year, you can be sure every AD has been complied with.

    You’re very consistently inconsistent.
     
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  25. pigpenracing

    pigpenracing Pattern Altitude

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    If it was me I would take $8000 cash and buy the airplane before the seller changes his mind. Sounds like a deal to be had, if he messes around to long someone else will have it.
     
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  26. RyanShort1

    RyanShort1 En-Route

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    Yeah, that. Unless it has something obviously wrong like a firewall issue or spar corrosion or something.
     
  27. Shepherd

    Shepherd En-Route

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    The descriptor, "60 year old", is redundant.
     
  28. aftCG

    aftCG Pre-takeoff checklist

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    Bad interior, paint is old, says there's an oil pressure issue (red flag for me), sounds like it doesn't even have a functioning compass.

    It's an $8k plane because the cost to make it a $22k plane is immediately obvious.

    That said it's a flying plane for $8k. If you have a free place to park it, why not?
     
  29. Lowflynjack

    Lowflynjack Pattern Altitude

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    Yep, he's given a lot more details since my comment. How did it pass an annual without a working compass or with an oil pressure issue? Still for $8K...
     
  30. DFH65

    DFH65 Pattern Altitude

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    8K I would be really tempted to buy it and fly the daylights out of it for a year. If the cost was more than a few K to get it through another annual and of course keep it safe I would part it out.
     
  31. Clip4

    Clip4 En-Route

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    How can it pass annual with lots wrong with it?
     
  32. midwestpa24

    midwestpa24 Cleared for Takeoff

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    Because there was nothing between the pen and the logbook. Just because a plane had an "annual", doesn't always mean it had a annual if you catch my drift. I'm always suspicious of any airplane that comes with a fresh annual.
     
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  33. DFH65

    DFH65 Pattern Altitude

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    There is plenty of room between lots wrong and airworthy.
     
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  34. Juliet Hotel

    Juliet Hotel Line Up and Wait PoA Supporter

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    The only way I'd consider it was if I happened to have $8k laying around that I was otherwise willing to throw into a burning dumpster. Missing logs and lots of problems means it will probably cost more to fix than it will ever be worth. Which means once its no longer safe to fly, its junk. Which means you should go into it planning to either scrap it or part it out once it breaks. It'll be cheap to fly for a while. But how long is an unknown. Get a year out of it, great. Get 3 weeks out of it, not so much. I'm a pessimist. When I hear its got lots of problems that can be seen, I take that as meaning it probably has lots of other problems that can't be seen.
     
  35. Dan Thomas

    Dan Thomas Final Approach

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    You and I both know that not all mechanics are honest.
     
  36. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    I wouldn't buy any aircraft with out a good pre-buy. that's not to say this one didn't have one. Caspar knows there is lots wrong with it, so that doesn't mean it isn't airworthy.

    Lots of folks here can imagine a lot with out knowing anything.
     
  37. Checkout_my_Six

    Checkout_my_Six Final Approach

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    Is there such a thing as a "good" pre-buy? o_O
     
  38. Brad Z

    Brad Z En-Route

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    Depending on how much corrosion or "other things wrong" with it, you might inadvertently fly it and part it out at the same time.
     
  39. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    I'd say there are a lot more A&Ps doing great work, than those who aren't, remember 2% of the people make 100% of the news.
     
  40. Tom-D

    Tom-D Taxi to Parking PoA Supporter

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    Yes the ones I do for me.