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When someone has a nice P model, especially if it has the Riley conversion, and the engines and avionics are up date, low hours, etc. - they're going to ask a pretty price for it.
Here are suggestions to spend less and still make it work:
- Get an earlier model.
- Get one that has been well-maintained yet has engines
past TBO or near. The prices is always significantly less and
sometimes you can get a good deal that still allows you to
save money even after paying for engine overhauls.
- Think normally-aspirated or turbocharged, as alternatives.
The advice about one that hasn't been well maintained is very sound, as if the previous owner hasn't kept things up (even though the engines might have high time that's not the same as letting everything go), you'll spend a lot of money getting the aircraft into shape.
I spent about $58,000 for my aircraft, a turbo '67 model, then whic included getting the front engine overhauled. I got an excellent deal in my opinion (and I can go over 20K altitude, too). I have to use Oxygen, but that doesn't bother me; has factory O2 in it and deice bots. The previous owners had maintained the A/C well, so I didn't have to spend thousands getting things up to date. Two years ago I spent $18,000 getting a back AI, some paint work, a Garmin 430, etc. The avionics are in excellent shape and the plane is capable, capable, capable. I love it and what have I spent total? About $76K. That's probably an exception in that the average buyer would probably end up paying around $100K for something similar, but even $100K is a lot less than the $250K and up being asked for the late model P's with Riley conversions, et.
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