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  #21  
Old 11-27-2011, 09:44 PM
ReedC ReedC is offline
 
Join Date: Nov 2011
Location: Provo, Ut
Posts: 25
Default I'm going to walk

Thanks everyone for being generous with your experiences and knowledge. Although mostly depressing, its been educational.

The seller is not willing to budge on the price at all. Since I don't have the $ to take on the tear down and possible overhaul on the engine, I am going turn it down.

What a shame because from every other angle, it is a sweet airplane. I am in a bad spot now, after going up in the RV, i'm not sure the 150 is going to do it for me anymore....


Before the thread is closed I want to fill in some missing and misreported details:

- the airplane was finished in 2008 not 1998 (my bad)
- the original owner did not ground loop the airplane, another pilot who borrowed the airplane did
- the builder sold the airplane to an IA mechanic who fixed it u just to sell it. (no medical)

we'll lose the deposit, but at least I got an rv-4 ride out of it.
Losing the $ is fair, as he held up his side by taking the airplane off the market for a week.

On a selfish note: If one of you guys looking for a project wants to look into this deal, send me a private message. If you end up buying it, maybe he'll give me my deposit back (:

Thanks,
Reed
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  #22  
Old 11-27-2011, 11:18 PM
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AZtailwind AZtailwind is offline
 
Join Date: Nov 2005
Location: Flagstaff, AZ
Posts: 447
Default

Quote:
Originally Posted by ReedC View Post
What a shame because from every other angle, it is a sweet airplane. I am in a bad spot now, after going up in the RV, i'm not sure the 150 is going to do it for me anymore....
Wecome to the club, Now you know about the RV grin and the $20,000 intro ride. (kit price only)
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RV-6A 180HP-acquired
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  #23  
Old 11-27-2011, 11:31 PM
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craigvince craigvince is offline
 
Join Date: Sep 2006
Location: Stockton, CA
Posts: 1,207
Exclamation Don't walk away from your deposit.

Before you walk away from your deposit, have you asked the seller for it back? In the airplane market, a deposit is more of a good faith deposit, not a non-refundable donation to the seller. Placing a deposit shows the seller that you're serious about the plane, and need to do some homework first. It almost always secures your option for a pre-buy inspection, whether physical or paperwork, etc. You only held up his plane for a week, which is nothing in aircraft buying terms. If he had others interested in the plane while you were considering it, he would have kept their info in case you didn't complete the transaction.

I'd call the seller and tell him you did your homework, but you don't think this is the plane for you. Chances are, he'll give your deposit back to you. Most pilots are quite reasonable about this sort of thing. I'm a professional aircraft broker and have dealt with this many times. Whether "entitled" or not, you'll probably see your deposit returned to you.
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  #24  
Old 11-28-2011, 09:08 AM
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lostpilot28 lostpilot28 is offline
 
Join Date: Nov 2006
Location: Boise, ID
Posts: 1,095
Default

Just posting this out of curiousity...isn't the asking price pretty low already? Is it possible the seller priced it that way because of the potential cost in engine repair? Think of it this way - if this airplane did NOT have a prop strike, what would he be asking for this airplane? Probably a lot more than $37k.

Not sure why everyone is telling the buyer to "run for the hills". Don't equally equipped -4's usually go for around $45k? I think the buyer should still consider it. Yes, tear down the engine and inspect...but if you're mechanically inclined, then learn how to do it yourself and save some money.
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  #25  
Old 11-28-2011, 09:46 AM
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DanBaier DanBaier is offline
 
Join Date: Mar 2009
Location: Rochester NY
Posts: 669
Default

Using the TAP on line valuation as of this morning, a 2007 RV-4 (no data for 2008) has an estimate of $58,100 - low estimate of $45,200 and a high estimate of $70,625 (assumes O-320 engine with 180 hours).

As so many have commented - the issue here is the impact of damage history on value and the current condition of the engine. The drive gear on the crankshaft can be inspected without complete engine disassembly (accessory cover has to be removed) and it would likely require removing the engine from the airframe. Not horrible, and probably worth doing for peace of mind.

Just another data point - FWIW

Dan
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  #26  
Old 11-28-2011, 09:46 AM
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Mike S Mike S is offline
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Join Date: Sep 2005
Location: Dayton Airpark, NV A34
Posts: 15,420
Default Welcome to VAF!!!!

Quote:
Originally Posted by ReedC View Post
Hello, I am a fairl low time pilot and new to RVs.
Reed
Reed, welcome to VAF.

Good info has already been given to you, so go with it.

Good to have you aboard, enjoy
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Flying as of 12/4/2010

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"Flying the airplane is more important than radioing your plight to a person on the ground incapable of understanding or doing anything about it."
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  #27  
Old 11-28-2011, 11:10 AM
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Jerry Cochran Jerry Cochran is offline
 
Join Date: Jan 2005
Location: Sherwood, Oregon
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Default

Quote:
Using the TAP on line valuation as of this morning, a 2007 RV-4 (no data for 2008) has an estimate of $58,100 - low estimate of $45,200 and a high estimate of $70,625 (assumes O-320 engine with 180 hours).
With respect to the poster, I don't think TAP knows what they're talking about. I watch asking prices on RV's every day on Barnstormers, TAP, Controller and their "estimate" is about $10K high in my opinion... Also, asking prices are not always selling prices by a factor of 5% or better.

Of course, YMMV
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RV-7a 707DD Bot from David Domeier 12/01/11
Lycoming IO-360 Catto 3 blade Panel upgrade in progress

RV6a 18XP 1st flite 03/21/07 sold to Dale Walter 10/22/2011
Superior IO-360, Hartzell Blended, GRT/Dynon

Happily "autopaying" DR

"Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself."

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  #28  
Old 11-28-2011, 12:08 PM
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RBD RBD is offline
 
Join Date: Apr 2006
Location: Tampa, FL
Posts: 406
Default

Quote:
Originally Posted by Jerry Cochran View Post
With respect to the poster, I don't think TAP knows what they're talking about. I watch asking prices on RV's every day on Barnstormers, TAP, Controller and their "estimate" is about $10K high in my opinion... Also, asking prices are not always selling prices by a factor of 5% or better.

Of course, YMMV
Jerry nailed it - asking prices are just that. Often times, sellers fall in to the "wishful thinking" category.

To the original poster, keep your head up and keep looking for an RV-4. Don't be afraid to call and make offers based on what YOU think a given plane is worth. You may offend a few sellers (their egos will get over it), but eventually you'll find a sweet deal. I see no reason to pay more than $35k for a fixed pitch O-320 RV-4. Three years ago, I paid about the same for a very nice O-360, constant speed, IFR panel, RV-4 with good times on airframe and engine. It took me four months and countless e-mails/phone calls to find it. Good luck!
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  #29  
Old 11-28-2011, 01:23 PM
sailvi767 sailvi767 is offline
 
Join Date: Sep 2010
Location: Charlotte NC
Posts: 1,166
Default

I agree with the pricing. I was looking heavily a year ago. I overpaid for a RV6 but because of the history and builder I was very comfortable with the aircraft. I have started looking at Rockets and RV8's again in the last few weeks. One thing I have noticed is that there seems to be a significant price drop since just a year ago. Its a buyers market and cash is king.

George
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  #30  
Old 11-28-2011, 01:48 PM
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Cadstat Cadstat is offline
 
Join Date: Dec 2010
Location: Greeley, Colorado
Posts: 199
Default Pre-buy inspection

Get a conditional inspection at a mechanic of your choice not theirs.
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