Re: What would you buy with a 50k budget?

<Kirk Ellis> wrote ...
> ....if all you had was 50k and what criteria would you apply
> to base that decision?

You did a good job of defining your mission (short notice pleasure
flights, 
one or two long x-counrty trips a year where you'll park the plane for a
few 
days, mostly two souls on board, sometimes with room for baggage or
another 
pax). I'd say this is the mission definition for 95% of all recreational 
pilots.

This can be met by almost any 4 seater (150-180hp), fixed pitch, fixed
gear. 
Your "low time" will not scare any insurance co, and your operating costs 
will be managable.

Beware of "ego driven mission creep", where a little voice says you really

need a turbo to get above the weather or a gas sucking heavy hauler for
that 
"imaginary once in a lifetime" trip to Oshkosh with all your hanger
buddies 
on board.

If you are flexible on plane brand, a craft for your mission can easily be

had within an hour's flight of your homebase (northern FL?). Start telling

everyone, especially A&Ps, that your beginning your search. The number of 
planes seen by IAs at annual with under 20 hours is now the norm, and most

of those owners are thinking about selling.

Remember also that the real money issue is seldom the buy-in. A $40k cash 
offer with additional ($1k for pre-buy inpection and title search, $2k 
insurance, $4-6k first year maint/annual) will keep you in your $50k
range. 
But you need to look at your "cash flow" as well. I think this is the more

im****tant issue for most pilots and determines if the owning experience is
a 
happy one, or not.

Most pilots I know experience anywhere from $2k to $12k per year average 
flying expenses. For most of us recreational flyers who don't shelter the 
plane in a business, this comes as after tax money (expense). Figure out 
what yours has been for the last 5 or 6 years. If you were renting and you

have about 150 hrs since 1998, then I'm guessing your cash flow was about 
$2k-3k per year at most. Get ready for minimum out flows of $5-7k per
person 
per year in a partner****p of two. This is at the minimum end of the cost 
range, assumes you'll each fly about 50hrs per year and have no major 
breakdowns or decide to do a $20k interior and paint job (see how
expensive 
ego can be?)

> ....Besides, at 55 I really don't want to have to wait a year
> for my financing to work out....

Oh,...you don't have enough disposable ($25k) right now for your half of
the 
partner****p? That is a warning sign (not a stop sign, but certainly time
to 
rerun the checklist).

> By that time I will be just a couple of years shy of 60 and
> who knows how much time will be left for flying.

You are doing the right things now to give yourself a better shot at a 
"happy owner****p experience". Don't go "all in" or get upside down. It's 
your first plane and you can't get out as fast as you think. Looks to me
to 
me like you are heading in the right direction. Good hunting and good
luck.

PS, do a google search in r.a.o. for a post I did a few weeks back with a 
subject title:
snapshot of SEL market
It shows, IMHO, the impact on resale value of one plane over the last
year. 
It's a buyers market out there.