Tips for selling (and estimating price/value) an aircraft?

MarkH

MarkH

Line Up and Wait
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MarkH
The last 2 years have not been what I expected, and as a result I am thinking about selling my plane. I want to get further training that my Grumman just can't be used for, and once I am done with that training, the Grumman does not meet my mission. In addition, I am living in a city with some good flying clubs, so this may be my best chance to get some of the ratings I want.

I don't expect to get the money I put into it back (I never did, I always expected the time to be more expensive than renting), but I want to get a fair price for it. The problem is, I don't know how to find a fair price. I started with AOPA's VREF, but I don't know how reliable the $32.5K valuation is in the real world. Partially, because it takes into account the 150HP engine upgrade, but not the extended range tanks, VFR GPS (panel mounted), the MAC-10 radio (or the INOP CDI) and the original paint.

This is my first plane, so when I bought it 2 years ago I had no experience buying and maintaining a plane, and now, I have no experience selling a plane. Any tips for someone selling their first plane (in Las Vegas, if that matters).
 
You can see what other similar aircraft are listed for on trade a plane or controller. It’s just an indication and not the sales prices obviously. But it’s at least a start for where the market is pricing things. If you’re not in a hurry add some buffer/wiggle room to a fair price and you’ll likely get what you’re wanting. $32k sounds low for any airworthy aircraft these days, but I’m not too familiar with your aircraft.
 
What is your airplane? Traveler? Yankee?
 
How much did you pay for it 2 years ago?
I would start there…VFR GPS, inop cdi, original paint…doesn’t sound like you upgraded it, just added more hours to the engine.
 
I don't see any 4 seat, SE certified airplanes younger than 1970 selling for less than 60k these days, even with a run out engine.
 
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As others have said, brows the market for similar aircraft and price accordingly. 32k doesn't sound far off for what I would expect it to sell for. If it had the original engine it would be a 22k airplane.
 
Don't be greedy.....sell it for a small profit and be done quickly. You'll want to move on to your next one and won't want to drag out this sale. Over priced aircraft will sit for months.....and finally you'll get to that price you should have started with.
 
Checkout_my_Six said:
Don't be greedy.....sell it for a small profit and be done quickly. You'll want to move on to your next one and won't want to drag out this sale. Over priced aircraft will sit for months.....and finally you'll get to that price you should have started with.
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That’s why I want it well priced from the start, I’m just trying to find that price.
 
If it were me....I'd look at TP and Controller and find something similar/comparable. If they're at $32.5k I'd prolly come down $1-2K...and it will either sell quickly or get bid up. The buyer will likely want a pre-buy to jack you up and get the price down....stand firm, maybe split the difference. If you have a nice plane it will sell.
 
I say list it a bit higher than comparables then consider the offers. You're selling the sizzle not the steak.
I wonder if you might find a club to sell it to. Get a fair amount of cash out and get a good credit to be used to keep flying periodically. It seems plausible. Or consider a partner or two for the masochist types.
 
Checkout_my_Six said:
Don't be greedy.....sell it for a small profit and be done quickly. You'll want to move on to your next one and won't want to drag out this sale. Over priced aircraft will sit for months.....and finally you'll get to that price you should have started with.
Click to expand...
I have a friend who is going through this now. He has his RV listed high and all he has gotten are tire kickers. He told me it is going to cost him 4K to keep in hangared and insured until next spring. I asked him why not lower the price by 4K and sell it now but he won't budge.
 
32k is in the right range. Need the details before we could do more.

Any damage history, ever?
What is the gps? There’s a huge difference between a GNS 625 and a gx-55
Hours on engine? 2000 TBO?
Size of the fuel tanks and cost to install new?
paint and interior?

How well does the plane project? Like staging a house, if it looks good, it will sell more easily and for a higher price. If you have an unfortunate interior color scheme, dusty paint and the plane looks old and tired, then people will believe it’s old and tired.
 
Engine failure, off airport landing - no damage reported.
Aera 550 GPS, its not IFR (it has a single Mac-10 nav/com, but the CDI is INOP)
O-320 E2G 1070/2400, but its flying on condition due years since overhaul
31.5 gal fuel tanks, I don't know the cost of the STC or the cost of the install (I'm not sure its even still on the market)?
The paint is original and it looks good from 20 feet, but up close it looks like it's 43 years old and the new spinner is still in primer, plus there are some dings and dents. The interior also is original, but it looks pretty good.
 
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