Must have had a lot of deferred maintenance. Was this known at the prebuy?
The plane was sitting for 6 years and was priced accordingly as-is. Major items have included:
- Both nacelle tanks were leaking
- Right side fuel selector needed rebuilding
(these were part of a significant "return to service" annual)
- Props started leaking (this is the big one, since the retail value would've been >$40k - we got a very significant discount)
- All fuel and oil hoses replaced with new (ones on the plane were ~25 years old, recommendation is change at 10. Also upgraded one hose in the process to TSO-C53a Type C that was Type A)
- Rebuilt both side fuel systems (the right side engine was showing some signs of problems, and both were ~25 years old)
- New left turbo
- New outer engine beam on the left engine
So actually when I add up maintenance items thus far, I suppose that still puts me under purchase price, but not by a ton. Keep in mind the purchase price was very low, as I said, especially for a low time '77 model.
It's also worth comparing that to what I see a lot of others spend on "high end" versions that have been maintained. Many of them, especially if they're maintained by one of the Twin Cessna specialty shops, find themselves spending $25-40k/year on maintenance, and can easily have higher dollar years if hit with big airframe side items like engine beams, windows, etc.
Don't forget other expenses that exist. Insurance is higher, and you're sometimes hit with recurrent training requirements as well (sim time ain't cheap). You need a bigger hangar which also costs more. Of course hangar rates vary tremendously depending on where you live, but it's not necessarily linear. If we needed to go to the next size hangar (which a 421B would need given the hangar dimensions at our airport) it would literally triple the monthly cost.