Ownership economics question

[StraightnLevel]

I put together a spreadsheet that added $20/hour (reasonable at the time) for engine time, a discount for paint & interior if they were ugly, and the cost of bringing the avionics up to my minimum, which was 430 WAAS or better, engine monitor, and functional 2 axis A/P. I also estimated an airframe EOL at 15000 hours and adjusted for TT, which wound up being $5/hr. All those numbers would be about double today for my plane.

Good approach - sounds like an idea that I need to "borrow".

Just don't forget that new airplanes tend to have WAY lower useful load than old ones.

??? How so? is a 15-year old SR22 different from a new one? A modern Archer different from a 30-year-old version?

 

[StraightnLevel]

up to 100 and a Comanche.

So that would say about $150/hour not including an engine rebuild fund. That's certainly less than renting a comparable plane.

 

[Jim K]

How so? is a 15-year old SR22 different from a new one? A modern Archer different from a 30-year-old version?

I don't know about cirrus, but pipers have gotten significantly heavier over the decades. My Lance has a 1500lb useful load; the last Saratogas were usually under 1300. Most makes and models have seen useful load drop 10-20% since the 70's due to plusher interiors and more sound deadening. Just something to look out for when comparing.

 

[dcr-wss]

Make sure to be looking at the real spec of actual real-world aircraft you would consider buying, because every one is different and always significantly lower than what the spec sheet says. Some types have "sweet spot" years where the gross went up but the weight of the trim bits hadn't yet.

 

[Jim K]

Make sure to be looking at the real spec of actual real-world aircraft you would consider buying, because every one is different and always significantly lower than what the spec sheet says. Some types have "sweet spot" years where the gross went up but the weight of the trim bits hadn't yet.

Good point. And don't believe anything until you see it on paper. I flew to Arkansas to look at Cherokee Six that they advertised with a useful load of 1500lb. When I got there, the last w&b was 10 years old, 1420lb, and for the installation of avionics that are no longer in the plane. Their response? "Oh it'll carry anything you get in the door. We just didn't worry about it." they searched for a current w&b while we went to lunch... no dice. Okay, good luck with your sale. (They sold it a couple days later BTW... market was crazy).

Nice thing about cirrus shopping though is that they are pretty standardized and haven't been stc'd all over the place like legacy spam cans. A 2018 sr22t is going to be pretty much identical to any other specs wise. I guess they do have a few options, but I think almost all of them they sell are pretty well loaded.

 

[Racerx]

I don't know about cirrus, but pipers have gotten significantly heavier over the decades. My Lance has a 1500lb useful load; the last Saratogas were usually under 1300. Most makes and models have seen useful load drop 10-20% since the 70's due to plusher interiors and more sound deadening. Just something to look out for when comparing.

Looking at Saratoga's...I see an 07 model with a 975lb useful load.

 

[Pinecone]

When you mentally add about $40 for every engine hour since overhaul

Following this thread out of interest. Is this a widely accepted "rule of thumb" (close enough +/- to apply to most general aviation aircraft) or just a figure you calculated for the particular aircraft you're considering?

You can get an idea by looking at Air Power and seeing what a factory overhaul will run today. A field overhaul will be less, but go up over time.

Taking an O-360 180HP engine, it is about $35,000. With a 2000 hour TBO, that is about $17.50 per hour for the engine overhaul.

My Mooney has a Continental TSIO-360, and a Factory Rebuilt (zero time) is $85,000, so $42.50 per hour. But factory rebuilt comes with a lot of accessories that are new or zero time also.

 

[gearFX]

Thanks to everybody for the clarification about $40/hour being a rule-of-thumb or guideline vs. a figure that could vary based on a number of factors (and I appreciate the suggestions for different methodologies and where to source current maintenance cost info). This place is great! Sorry for the thread hi-jack.

 

[StraightnLevel]

You can get an idea by looking at Air Power and seeing what a factory overhaul will run today. A field overhaul will be less, but go up over time.

Taking an O-360 180HP engine, it is about $35,000. With a 2000 hour TBO, that is about $17.50 per hour for the engine overhaul.

My Mooney has a Continental TSIO-360, and a Factory Rebuilt (zero time) is $85,000, so $42.50 per hour. But factory rebuilt comes with a lot of accessories that are new or zero time also.

Right. Now add installation cost and all of the other stuff you'll R/R in the process (because that's when it gets found).

Getting back to the premise in the OP, my assumption is that for a new plane there really is no expected engine expense. At 100 hours/year it "should" last long enough that the initial cost is fully amortized.

Most of the "inexpensive" used planes, though, have engine times well into their TBOH period. A poster above mentioned that the 15-20 year old Cirrus' are in the "sweet spot". Trouble is, that "sweet spot" generally includes an engine that has been lovingly run 100 hours/year by the owner for the past 15-20 years....with a 2,000 hr TBOH. So, you have to be prepared to add the cost of an engine or overhaul to the purchase price.

Those Cirrus' also are running up against the second 10-year CAPS re-pack, $20K+ for the first-gen planes. https://forum.cirruspilots.org/t/caps-2023-prices/256835

So: Here's a listing at $250K: https://www.controller.com/listing/for-sale/231730635/2004-cirrus-sr22-g2-piston-single-aircraft 2,400 hrs on the engine and 1,500 on the prop.

Add $75K for engine and installation, $20K for CAPS re-pack, and add a prop replace or overhaul. At 20 years/2,500 hrs, you probably want a paint job, too. Call it $400K by the time you have that "$250K" plane into the condition you really want to put your family in the back and fly XC.

So, from a cash perspective, it's $400K cash, vs. $200K cash plus a 20-year $800K loan (with a warranty). That's about $60K/year at 5%, so assuming you have the other $200K in cash and earning some sort of ROI, you're basically covered for the first (not quite) 3 years. After that, you have a $60K/year bogey to cover....but your operating expenses are going to be less than an older plane, just due to normal wear and component aging, right? You also have all current technology, so no immediate temptation to upgrade avionics or other items here and there.

Now, 10 years from now, what is the value difference between a 4,000-hr 2004 and 2,000-hr 2024 Cirrus? There are no 40-year-old SR22s, so that's a dead end. What's a good comparison?

 

[Half Fast]

....but your operating expenses are going to be less than an older plane, just due to normal wear and component aging, right?

At first, yes. But by 5 years you'll start making some outlays, and by 10 years your expenses will start running about the same as an older plane with a mid-time engine and you'll find yourself replacing a vac pump, an alternator, a starter, mags, a cylinder, etc.

You also have all current technology, so no immediate temptation to upgrade avionics or other items here and there.

How long will "current" last before you start wanting upgrades? That's mostly a personal thing. I'm perfectly happy flying with steam guages and a 740b, but some people have to have the latest stuff.

People analyze this question to death, and frankly, for most of us airplane ownership doesn't make sense at all when you examine it on a ledger. There are so many unknowns that you might as well use a ouija board. Elsewhere I posted the video about the guy who bought a runout Cherokee 6 and rebuilt the engine, replaced the interior, installed new avionics, etc. Here's the rest of that story:

Personally, it's just something I want to do, so I try to keep it affordable but I don't analyze it any more than I analyze the cost of a child or a pet.

For me, flying (and many other things I've done) is about enjoying the experience; it's not so much about the hardware. Would I be having more fun in a plane that cost 20x what my baby Beech cost me? Maybe a little, but not 20x worth. And I consider the opportunity cost as well. If I shelled out more for the plane than is necessary, there are other things I wouldn't be able to do.

YMMV, but in my world choosing an airplane is no more a purely financial decision than choosing a spouse.

 

[ChopAndDrop]

I just recently went through some financial statements for our Ownership partnership, so I can share some real world numbers with you:

This is a Beech Sierra: single engine land, 4 seat, retractable gear airplane, nicely equipped for IFR flying. IO-360 engine 200HP.

Total cost of ownership:
totaling up _all_expenditures_ on the plane (Note1) and for the last 12 months, and dividing that by the 208 hours that the plane flew during that time, leads to an actual expense-to-hour ratio of $148/hour, over the past year.
this is a “Dry Rate” since each pilot buys their own fuel separately. This includes both fixed and variable costs, so if the plane flies less hours this number slightly higher to makeup the fixed costs.

Split it another way, if we ignored the Loan payment (eg we owned the plane outright) and counted all operating expenses (maintenance, hangar, insurance, oil, database subscriptions… everything except fuel) the cost per hour is $120/hour.
Again that is a “dry rate”, so adding fuel burn is approx equivalent to a $180/hr wet rate.


I say this because alot of folks seem to budget the fixed costs of Loan, hangar, insurance, and engine-reserve, then say “I can swing that much per month” but then every few months we get hit with the “stuff broke, everyone pitch-in money again”. (We do not amortize maintenance costs into fixed or hourly charges, just “pay as needed”, which when you add it up, maintenance/repairs is a big part of the expenditures).

Note1: this includes maintenance (the largest part), annual inspection, hangar, insurance, taxes, loan payment, oil, Garmin databases subscription, etc. Everything we’ve ever spent out of the partnership bank account. Does not count engine reserve fund, since that’s a saving for future Maintenance, but these numbers are counting actual Maintenance charges only. Also Not fuel, which each pilot buys on their own.

 

[TCABM]

....but your operating expenses are going to be less than an older plane, just due to normal wear and component aging, right…

Depends what you want to consider in the OpEx category, but mag OHs at 500hrs, oil changes at 50hrs, fuel at $6/gal, db updates don’t care how new/old the plane is, they’r just the cost of flying the any plane.

Our experience has been the more (and more frequently) the plane flies, the less intensive our maintenance program ends ups being, but the desire to have the OH reserves grow linearly as hours grow does not subside. This is based on looking at our last 3yrs of 300hr/year operations vs the preceding 3 years at about 200hrs/yr, vs the six years prior to that at right around 100 hrs/yr.

The less hours we put on the plane, the more we spent on maintenance…2 cylinder replacements, alternator replacement,a case crack repair, and a myriad of other little things all happened when we were flying 100hrs/yr or less. The only real wear/tear that increased over that time was tire replacements.

During that same period, we did ADSB & GTN650, then 2x G5s as upgrades as well, but those are one time upgrades, not recurring expenses and aren’t included in my maintenance cost analysis.

 

[TCABM]

I just recently went through some financial statements for our Ownership partnership, so I can share some real world numbers with you...

As I posted elsewhere, I did the same.

All in costs for our owned C-172M from 2010-2022 excluding fuel, but inclusive of everything else usually run between $11k - and $15k; the hangar is a community hangar.

Our outlier years have been $17K (case repair & jug), $24K (ADSB), and $32K (G5s) all in, and we usually do our own oil changes.

Don’t know the numbers for a payment, but that would be additive to the above. Hourly amortization makes it look cheap, because $200K/2300hrs turns out to be $87/hr all in, dry.

 

[Rich Holt]

win/win.......win?

wait...is that why she wants me to get another plane?

 

[hindsight2020]

A bit of a thread drift, but do clone/"experimental" engines cost the same to overhaul as cErTiFiEd?

 

[ChopAndDrop]

As I posted elsewhere, I did the same.

All in costs for our owned C-172M from 2010-2022 excluding fuel, but inclusive of everything else usually run between $11k - and $15k; the hangar is a community hangar.

… Hourly amortization makes it look cheap, because $200K/2300hrs turns out to be $87/hr all in, dry.

Yeah I don’t know what we are doing wrong, but even removing the Loan payment from the equation: our expenses seem to be really high compared to other planes, (eg 1.5x of your plane’s numbers)… it’s not explained by just the Retractable landing gear (we had big landing-gear expenses 2 years ago, but none this past year, so that’s not the difference).
We change our own Oil, also.

 

[TCABM]

Yeah I don’t know what we are doing wrong….

I can PM you some detailed data if you like, but you may not be doing anything ‘wrong’.

 

[Pinecone]

Good approach - sounds like an idea that I need to "borrow".


??? How so? is a 15-year old SR22 different from a new one? A modern Archer different from a 30-year-old version?

G1000 system is NOT light

 

[dans2992]

G1000 system is NOT light

It must be lighter than the instruments it replaces…

 

[StraightnLevel]

It must be lighter than the instruments it replaces…

That would probably depend on the backup instruments. If you have a digital backup, it should certainly be lighter. If you have steam gauge backups, then it probably weighs more in total.

 

[asicer]

G1000 system is NOT light

Indeed, it is not.



39 pounds for an intercom, a pair of NAV/COM/GPS's, transponder, a pair of displays, AHRS, ADC, turn coordinator and antennas.

 

[TCABM]

It must be lighter than the instruments it replaces…

It doesn’t have to be. The LRUs and sensor may be ounces, but ounces equal pounds.

 

[tbroadhurst]

This is a interesting thread , I have had planes most of my life and I am 82 and the lessons I have learned with them is they cost what ever it costs to keep them flying , I have had a 300 hr engine blow it in a 310 , and everything in between I can only tell you what my plane cost me last year , this year who knows , the fixed costs are easy , insurance, taxes , oil changes , I bought a 68 Cessna 421 at a DEA auction for 27 k in the mid 80 s flew it 3 years and hardly spent any money on it sold it to a friend and he flew it a couple years trouble free , we got a good one , but I don’t think anyone can or should tell you what it will cost , if you can’t write a check for a engine or other major costs you should join a flying club or get into a partnership on what you want to fly and pay as you go , my Glasair RG cost me almost nothing to own the hanger being the biggest item , but I spent about 6000 in fuel last year I am a A and P so that helps I guess I am preaching now but I have heard this topic so many times and I don’t believe there is a real answer if your making lots of money and have plenty of disposable income jump in and to me there is nothing better than flying your own plane I have never gotten tired of it.

 

[tbroadhurst]

My last post was supposed to go on the how much does it cost to own a plane ?

 

[kyleb]

A bit of a thread drift, but do clone/"experimental" engines cost the same to overhaul as cErTiFiEd?

Fundamentally, yes. Cylinders cost the same, accessories cost the same, machining services, labor, seals and misc parts… all the same.

 

[MooneyDriver78]

It depends on how nice of a plane you want. To buy an old plane and make it as nice as a brand new one will cost probably 3/4 of the new price. Most are satisfied with a mid time engine, worn interior, and avionics from the Carter administration. Personally, if I was Archer shopping, I'd buy an older model and spend the money I would've paid the bank on upgrades over time.

3/4?! No way, admittedly my numbers are pre Covid, I haven’t checked in a while, assuming a Archer;

Overhauled engine (new control cables, new alternator) and overhauled prop: $40k

Refurbished interior: $20k

Quality paint job, replacing the windows/windshield: $25k

Complete avionics installation with glass, autopilot, etc: $90k

So $175k, plus say $75k for a run down plane, and you’re all in $250k, which is about 1/3 price.

Of course you’ll never be able to resell it for that much, a new one depreciates the second you buy it and probably after 5 years you will lose more on a 2025 one then the upgraded one.

 

[StraightnLevel]

3/4?! No way, admittedly my numbers are pre Covid, I haven’t checked in a while, assuming a Archer;

Overhauled engine (new control cables, new alternator) and overhauled prop: $40k

Refurbished interior: $20k

Quality paint job, replacing the windows/windshield: $25k

Complete avionics installation with glass, autopilot, etc: $90k

So $175k, plus say $75k for a run down plane, and you’re all in $250k, which is about 1/3 price.

How long is that plane grounded while all of that work is being done? How long do you have that $250k tied up without having a plane to fly, but stilll paying for the hangar, insurance, etc., and still having to either rent or fly commercial? 6 weeks? 2 years?

 

[MooneyDriver78]

How long is that plane grounded while all of that work is being done? How long do you have that $250k tied up without having a plane to fly, but stilll paying for the hangar, insurance, etc., and still having to either rent or fly commercial? 6 weeks? 2 years?

Not 6 weeks, closer to 6 months. The bulk of the engine/prop overhaul work is done away from the plane, so can be done simultaneously with other work. Ditto for interior, and it has to be removed for the avionics upgrade anyway, so figure the interior/engine/avionics would take 4 months, the paint job at least another month.

 

[StraightnLevel]

Not 6 weeks, closer to 6 months. The bulk of the engine/prop overhaul work is done away from the plane, so can be done simultaneously with other work. Ditto for interior, and it has to be removed for the avionics upgrade anyway, so figure the interior/engine/avionics would take 4 months, the paint job at least another month.

So, how much would it be for a 30-year-old XC plane like a Bonanza, SR22 or M20M? The engine by itself is going to be a lot more, but is there much difference in the paint/interior/aionics work?

This sounds a lot like making the case for restoring a 1978 Corvette to use as a daily driver instead of buying a new one.......

 

[EdFred]

So, how much would it be for a 30-year-old XC plane like a Bonanza, SR22 or M20M? The engine by itself is going to be a lot more, but is there much difference in the paint/interior/aionics work?

This sounds a lot like making the case for restoring a 1978 Corvette to use as a daily driver instead of buying a new one.......

How long is that plane grounded while all of that work is being done? How long do you have that $250k tied up without having a plane to fly, but stilll paying for the hangar, insurance, etc., and still having to either rent or fly commercial? 6 weeks? 2 years?

So you only ever buy brand new houses, too?

I mean it's cool if you do, but you've never made an improvement on a house you lived in?

 

[StraightnLevel]

So you only ever buy brand new houses, too?

I mean it's cool if you do, but you've never made an improvement on a house you lived in?

LOL....

I'm currently in the middle of restoring a Wisconsin farmhouse that was originally built in the 1860s. I'm also helping my son rebuild a 2nd gen RX-7. Past history includes a decent-sized list of similar projects, including a couple of open-wheel race cars.

My daily driver, however is a 2022, and I'm already starting to think about the replacement because I need that vehicle to be a reliable appliance, not a toy that may or may not get me where I plan to go on a given day.

This is the reason for my questions. I've had a LOT of experience with "used" assets, and in my experience they are rarely practical, they always cost more than you expect, and they always take a lot longer than the schedule predicts. They also have the annoying habit of deciding to expose an issue at the worst possible time. Vintage race cars, for example, never develop a problem in the garage during prep; it always happens when you're rolling up to the grid.

Buying something new doesn't mean that it's always going to be 100% reliable (like the 2 lemons my wife got from BMW - never again), but the odds are in your favor on any given day that it will start, that none of the warning indicators will be going off, and that nothing will suddenly reach EOL without warning. If something does go wrong, you at least have a couple of years where it's someone else's problem to deal with (warranty).

So, the question in the OP really revolves around the true all-in cost in both time and capital to get a plane that is a reliable "appliance". I have plenty of mechanical toys already, and part of my desire for a XC plane is to be able to spend more time at the farm and in the barn with a wrench in my hand. While I don't necessarily have a problem with the concept of a restored older model, I'm trying to get a handle on the reality of whether or not it makes financial sense vs. biting the bullet for something like a new SR22.

 

[WDD]

I just thought it funny that “Airplane Ownership” and “Economics” were used in the same sentence. Calculate what you think it will cost per hour to own and operate, double that, and go enjoy flying.

 

[Half Fast]

So, the question in the OP really revolves around the true all-in cost in both time and capital to get a plane that is a reliable "appliance".

I hate to disillusion you, but the only way to achieve appliance-level reliability in air travel is to buy airline tickets. Any small plane, not part of a fleet, flown and largely maintained by its owner, will have important down time, plus there will be significant weather limitations even with an instrument rating.

Even a brand new plane will have an occasional problem, and sometimes parts delays can be weeks or months. Not long ago, people were grounded because it was taking months just to get an oil filter. During my 2023 annual, I was down for a few weeks just waiting for a single simple hose fitting. And it’s almost a guarantee that when the part becomes available the A&P won’t be, because he’s moved over to someone else’s project while waiting.

Airlines have fleets of planes, depots full of parts and supplies, armies of mechanics, offices full of planners and logisticians, etc., scattered around the country and around the world. One pilot with one plane cannot achieve that same sort of reliability on his own.

Flying your own plane gives you convenience and flexibility you can’t get with the airlines, but the price you pay is that sometimes you have to remain flexible and be inconvenienced.

 

[TCABM]

So, how much would it be for a 30-year-old XC plane like a Bonanza, SR22 or M20M? The engine by itself is going to be a lot more, but is there much difference in the paint/interior/aionics work?

This sounds a lot like making the case for restoring a 1978 Corvette to use as a daily driver instead of buying a new one.......

I think you’re trying to justify a way to support whichever decision you’re leaning towards. The questions you’re asking are answered by personal values, not economic ones.

The real question you have to answer is whether you can swing the cost of an on-demand overhaul at any point, as that’s the worst-case scenario.

Upgrades-wise, a six-pack flies IFR the same way a G1000 does, so that’s a personal choice.

 

[WDD]

Half Fast brings up a great point. Even if you own your own plane you probably need to be prepared to also rent on occasion.

 

[ArrowFlyer86]

So, the question in the OP really revolves around the true all-in cost in both time and capital to get a plane that is a reliable "appliance". I have plenty of mechanical toys already, and part of my desire for a XC plane is to be able to spend more time at the farm and in the barn with a wrench in my hand. While I don't necessarily have a problem with the concept of a restored older model, I'm trying to get a handle on the reality of whether or not it makes financial sense vs. biting the bullet for something like a new SR22.

I have a 1972 PA28R-200 I bought for $75k. I put $50k refreshing it after purchase. About $7k per year on average after that. In the trailing 12 months I've flown 241h on 127 flights. During that time there have been only 2 occasions where I couldn't fly due to mx issues.

One was a dead battery. Battery was replaced within 90 mins and then I flew. The other was an alternator field wire replaced by A&P the next morning in 2 hours and then I flew.

Reliability is to the point where I don't have to ask myself "am I comfortable with the aircraft's condition to fly?" when planning a XC. I can just take it as a given the plane is ready to rock (then verify during preflight). I think that is the sort of reliability you're seeking, and yes it's totally achievable for less than the $1.1m brand new SR22 price tag.

And frankly in my experience weather is and always will be the single most important factor in determining your "dispatch reliability", mx issues end up being a rounding error.
For every 1 flight I cancel due to mx I probably cancel or modify 30 due to weather concerns. And this would be the case whether I fly a PA28R with steam gauges or a brand new, glass panel SR22T.

 

[StraightnLevel]

I think you’re trying to justify a way to support whichever decision you’re leaning towards. The questions you’re asking are answered by personal values, not economic ones.

The real question you have to answer is whether you can swing the cost of an on-demand overhaul at any point, as that’s the worst-case scenario.

Upgrades-wise, a six-pack flies IFR the same way a G1000 does, so that’s a personal choice.

It's not so much about upgrades. It's about the ROI, which includes the value of time.

Bluntly put, it's easier to get more money than more time. There are only so many years left before I retire, and before I can't fly anymore. From where I sit today, I would prefer to have something that spends the least amount of time grounded possible. Thus, it's a balance between time and money. It's not whether I can swing the overhaul cost, it's about trying to avoid being surprised by it and losing time that I won't ever get back.

Note the video above where the plane owner bought an old plane and dumped a bunch of money into it, only to find that even with a "complete overhaul", the engine was beyond its useful life. Could I fund a new engine? Sure - but I don't want to have to ground the plane because I tried to save a few shekels by overhauling instead of buying new. In the case of this video, the avoidance method is simple - buy a new engine instead of a rebuild. That's the only way you achieve parity with a new plane. So, what does that REALLY cost? How long does it REALLY take? Same with everything else on the plane - it's one thing to put lipstick on a pig, it's something else to do a full and complete "like-new" restoration.

What got me started thinking about this was looking at an older Bonanza that was up for sale nearby, whose owner I know and trust (I think it's been sold by now). Nice enough plane, has tip tanks, ruddervators in good shape, etc. less than $100K. Then I looked at the interior...very, ahem, experienced. Engine? Probably OK for a while, but how long? Avionics? State-of-the-art 1962. So, a good blank canvas, but likely a project that would take a good bit of time to complete, with the project costing a good bit more than the initial acquisition cost. As with all such projects, the value of the work you do immediately depreciates the minute it's complete....just like a new one does. SO: If it's going to take $250-350K cash and a year (total guess) for a project, what happens if I just take $250K and use that as a down payment on a new one? Where is the break-even point?

 

[WDD]

Try plan B.

Buy a decent airframe with a decent mid life engine. Spend 6 months doing all the delayed maintenance, re do the interior and instrument panel. In the mean time do what you’re doing now - rent. In the end you’ll have the plane you want.


You’ll spend years looking for the perfect plane - years you could have been flying.

And again - there is no ROI with owning an airplane.

 

[ArrowFlyer86]

It's not so much about upgrades. It's about the ROI, which includes the value of time.

SO: If it's going to take $250-350K cash and a year (total guess) for a project, what happens if I just take $250K and use that as a down payment on a new one? Where is the break-even point?

I think you can somewhat easily compute the financial break-even point.
But the time-value break even point is a question only you can answer. How much is your time worth to you to get up and running?

Then again if your alternative is using that cash to get a new plane, maybe lob a call into a Cirrus dealer and see what the lead times are for ordering brand-new. You might be waiting a year either way, brand new off the line or used and overhauled to fit your exact specs.

 

[StraightnLevel]

... if your alternative is using that cash to get a new plane, maybe lob a call into a Cirrus dealer and see what the lead times are for ordering brand-new. You might be waiting a year either way, brand new off the line or used and overhauled to fit your exact specs.

Good point.