Project Prices?

Tbone · #1 08-21-2007, 03:45 PM

How do you determine what a fair price is on a RV project? Kit cost +, or do you take a good hit on your monetary outlay? The reason that I am asking is that I have been building a RV7 QB since 2003 and have come to the realization that I may not have the time or the patience to finish (out of $$). Life has a way of changing your priorities after a few years. If I do decide to put this project on the market should I piecemeal items or sell as a whole? Not going to say how much is left to complete but the work that I have done is top notch. Any advice on how to price this project? The details are: RV7 QB, wings done except the tips, tail done except the tips, finish kit, Superior IO360 new, truetrac DVII, strobes, API fuel pump plumbed. Everything needed to complete except prop and instruments I believe.

Regards,
tbone
RV7 QB

Mel · #2 08-21-2007, 03:58 PM

This is strictly market driven. I've seen projects go for the money invested, for a loss, and sometimes with a profit if the workmanship is good.
Bottom line...If the buyer is happy and the seller is happy, that's all that counts.

gvgoff99 · #3 08-21-2007, 04:08 PM

It depends on the kit. Usually Cost "-" or straight cost is realistic. Older kits will be cost "minus-minus." Workmanship is a big factor. Your 7 will go better than a 6 or 9 kit as the demand for these is less than the 7.
I got a partially built kit and the first order of business was to go over it systematically and fix all the problems I did not find in the pre-buy. I now have a great plane but ignorance had a price. I would now only go price minus or go to VAN's for a new kit. Good Luck.

7DeltaLima · #4 08-21-2007, 04:26 PM

Terry,
I'll give you the perspective of someone that is somewhat in the market for a 10QB (if he could find one at the right price).

If I'm going to pay full price, I'll pay it to Vans. Less hassle. Less risk (missing/lost/damaged parts). Unless you just happen to be conviently located close to the buyer, shipping will be more of a hassle and potentially cost more (discussed options with Partain last night).

I built a 7A slow build and personally wouldn't even consider purchasing a partially completed kit if I hadn't personally completed one so your market potential is smaller.

I'll state the obvious.... Best way to get your money back out is to somehow find a way to complete the plane and then sell it as a marvelous flying machine

Just one simple man's opinion. YMMV, yada, yada, yada

Doug

jcmcdowell · #5 08-21-2007, 06:38 PM

I had a RV9a kit.

Emp done but fiberglass
Wings done but Fiberglass, bottom skins prepped not riveted
QB fuse done except for panel area

I also had an engine, some avionics, some instruments, some extra hardware.

I made a little on some pieces, lost a little on others, some I could return for full value, and I kept some pieces for my RV7 that I bought.

I lost shipping and crating (I figured that was a given)

In total in two weeks, I sold everything I wanted to sell and lost a total of $250 excluding shipping and crating.

I turned down some lowball offers, but otherwise I got what I was looking for in total for the whole kit.

Build9A · #6 08-21-2007, 06:57 PM

Don't forget that prices have gone up each year since you bought your kit. Check Vans current prices and you may be able to price yours to get your original cost (maybe cost + a little) back and still provide a savings to your buyer. good luck with your sale.

mandm1516 · #7 08-21-2007, 10:57 PM

Quote:

Originally Posted by Build9A

Don't forget that prices have gone up each year since you bought your kit. Check Vans current prices and you may be able to price yours to get your original cost (maybe cost + a little) back and still provide a savings to your buyer. good luck with your sale.

I think that's how it worked for me--I bought a partially completed QB -8 kit a couple of months ago (kit 1007) for $20K including finishing kit and his Avery tool kit was thrown in for another $1000. Overall I felt I got a good price compared to new, and I suspect he got close to what he was into it since prices on the kits have gone up.

Mike

wrongway john · #8 08-23-2007, 02:33 PM

The best I recollect, I had a RV6 slow build kit some 12 years ago or so, and I think I priced it 20% under what I paid for it. I hadn?t done any work on it in the three years or so that I owned it. Not sure how I advertised it, I think I placed a few newspaper ads in the Dallas Morning News, and possibly Trade-A-Plane, not sure. Anyway, the phone rang off the hook. I think I got 25 calls on it, and it wasn?t any trouble to sale. If you live in or near a large metro area, and if you use the internet and this forum for advertising, I bet you probably wouldn?t have to take less than a 10% loss on yours, or maybe none since you got your kit at 2003 prices, and the buyer is convinced the workmanship is as good as you say it is.

I think the biggest drawback for your plane, is that you?ve done so much to it, you have reached the point of no return, at least when it comes for the next builder being able to qualify as doing 51% of the work and being able to get a Repairman?s Certificate for it. That is highly prized for some; not so much for others. I wouldn't rule out selling it piecemeal like you stated either, that way, the next builders could probably still qualify on getting their Repariman's Certificate. It would just probably be more hassle that way, and more time involved.

I agree with the other poster that your best bet would be to make an effort to finish it if at all possible. Any decent Van?s airplane that is finished should always get you all of your money back, and then some probably.

I wouldn't worry about it too much, you have plenty of options, and Van's aircraft seem to be quite popular.

wj

LettersFromFlyoverCountry · #9 08-23-2007, 05:15 PM

I put my project up for sale years ago and what a waste of time. There just is, sad to say, a lot of bottom feeders out there and a lot of others who just want to see what an RV project looks like who'll waste your time pretending they're interested.

At the time, I got a very wise piece of advice here (or maybe it was on the old ygroup)... roll it to the side and revisit the issue in 6 months.

If I were to be in the same situation again where I can't fly what I'm building (oh, wait, I AM in that situation), I'd get a loan... finish it, get it flying and THEN sell it for a reasonable and fair amount of money in which I at least get my cash investment back.

kcpgm · #10 08-23-2007, 05:37 PM

I have meet several people in the past who like you for what ever reason couldn't finish the project, time and know how was there biggest problem then once they look at how much money they have sitting there collecting dust they think of the whole sum,

I have finished two rv's a 7A and a 9A once i i got the projected going for them they would come over and spend as much time as they could on the project both are now flying the 7A has been sold he found that the RV wasn't the type of plane for him and the 9A he is loving it

the guy with the 7A would have lost his shirt and more if he would have sold it before it was a plane

If time is an issue and for many it is find someone to help you finish it get a lone if need be then sell

ken in maine flying RV-7 RV-10 tail kit in the works