Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP
Posting-Version: version B 2.10.2 9/18/84; site lanl.ARPA
Path: utzoo!linus!philabs!cmcl2!lanl!ths
From: ths@lanl.ARPA
Newsgroups: net.aviation
Subject: Taking the Plunge
Message-ID: <25@lanl.ARPA>
Date: Wed, 22-May-85 14:46:39 EDT
Article-I.D.: lanl.25
Posted: Wed May 22 14:46:39 1985
Date-Received: Fri, 24-May-85 20:55:25 EDT
Distribution: net
Organization: Los Alamos National Laboratory
Lines: 39

Since the net has been so quiet I thought I would share my recent
experience in buying an airplane with you.  I realize that my
credibility is now suspect .... but let me tell you what I found.

I was looking for a C-172 or Pa-28-151, preferrable pre-1977 so I
could use autogas if needed.  I looked at 5 C-172s.

    1965   0-time engine   $14,000   poor condition
    1972   1700 Hrs TT     $15,000   been landed in a cornfield
    1975   1000 TT         $16,500   Outstanding, full IFR
    1976   2900TT 700SMOH  $16,500   Outstanding, only one radio
    1979   1800 TT         $20,000   H engine

Althought the sellers appeared to be quite firm on their prices, I took
the 1975 to the local mechanic (for $120) who pronounced it in very good
condition.  But, since it needed an annual and about $300 worth of small
stuff, I dickered a bit with the seller who was anxious to return to Ill.
To make a long story short I bought it for $15,000.

Although I had the lead on the 76 for a week, I saw all of these planes at
the ABQ airport in a space of 2 hours.  I didn't even try to dicker with
anyone until I found the "one" that I thought I wanted and really knew the
condition of the airplane.

I financed using a second on my house at 12.5% vs the 14% for a loan against
the plane (on which they would only loan $13,600).  I also borrowed enough
to take care of the annual ($750,) insurance ($1423 AVEMCO), and
incidentals - no money out of my pocket.

Using the airplane for my own flight instructing I will be charging $40 hr
wet (avgas 80 octane is $1.65 here). Flying 20 hours per month I will be
able to pay off the note in five years with (hopefully) a $5000 engine
reserve for the major at that time.

AVEMCO will not permit autofuel for commercial operations - only private and
business use. So I'll sit for a bit and see how things start to fall into
(or out of) place.

Wish me luck!