Anyone ever bid on an AIG salvage aircraft?

[Brantel]

Anyone ever bid on an AIG salvage aircraft?

Anyone ever successfully buy one?

There is an RV8 on there that looks like it has a ton of goodies that could be salvaged including the engine and maybe even the prop, heck theres even a G530...

Just trying to get a feel for what something like that would go for.

http://www.aigaviation.com/aviations...x?faano=N781RV

[Jaypratt]

That looks like the one 'Monk' bought months ago. No Idea what he gave for it.

[Chappyd]

I have bid 2 times. I have no idea what they went for, but I didn't get'em. You have to figure out what it's worth to you. I went by being somewhat conservative, and using a "what if" type senario. Like, what if the crank is bad, what if the prop is bad, etc. The cost of retrieving it if you win. If it were close and you could look at it, you could really come up with a better, more realistic assesment of what it's worth. It's the little things where you would make out like a bandit. All the nickel and dime ya to death stuff. And then there's the stuff you don't want could go on ebay. I bid on a RV-6 that had landed long and took off a wing with a tree. I bid about 10K. Without being able to look at it, I had to go with a "worst case" guess

This is a totally clueless guess, but I bet with a 530, the 200 hp engine and prop it gets about 40K. I'd love to be able to know what they get for all of those planes.

[Rick S.]

Take note where the aircraft is located...it's already at a salvor. He's making money on storage there also, which if they do a lot of business with the insurer will work a deal to roll (read knock off) storage costs into the salvage offer. The winning bidder usually needs to pay those costs and that can get really pricey sometimes. Buying and parting aircraft, cars, anthing that has salvage value is their business. They know what the insurance company is looking for. When I was doing auto claims I would ask for a bid from several salvage yards, they were always real close to each other, almost to the point I wondered about collusion between the shops. Never saw any evidence and I'm speaking strictly off the cuff, it was just uncanny how close three different companys would be. Making money on salvage is their business...and they know it well. If you manage to win a bid, experience tells me you paid too much. I always allowed the owner to to match any offer of salvage but that can vary by insurance company since once you accept the check, it's theirs to do with as they please.

[rvbuilder2002]

Originally Posted by Rick S.

Take note where the aircraft is located...it's already at a salvor. He's making money on storage there also, which if they do a lot of business with the insurer will work a deal to roll (read knock off) storage costs into the salvage offer. The winning bidder usually needs to pay those costs and that can get really pricey sometimes.

Actually, the insurer generally pays all storage fees up to the day the auction closes (or some date specified in the auction after the close). I have bid on a number of salvage airplanes over the years (never won any but missed one by just $53). All reputable insurance companies (thats generally who is running the auctions) pays all costs up until the point in time that you technically become the owner. After that all storage fees, etc. are charged to you.

I very much agree that it is difficult to out bid the commercial salvage yards like Wentworth, etc (at least for certificated aircraft). I believe (but can't prove) that they don't tend to bid as high (if they do at all) for experimental aircraft because there is not nearly as big of a resale market for the major airframe parts (they would be bidding more on what the avionics and engine are worth) In fact it is quite common to see them advertising a damage airframe minus avionics and engine, after selling them separately.

[jimcorley]

[I am the person who is responsible for that plane being on the salvage list.
Yes It has a ton of goodies. The 530 is waas capable. The engine and prop are almost new and everything on the aircraft was quality. Unofrtunately I groundlooped it with bad results.
Here are some of the goodies.
Trutrak DFC 250 A/P, PS Engineering 6000MS Audio panel/intervcom, Vision microsystems VM1000 with aural warning, Andair fuel selectors and Gascolators on each tank. The plane was in excellent shape. What will it go for?

According to the guys who dismantled the wings. Could be 50,000 up to 70,000, POSSIBLY! The feeling is people overbid. If You want to buy 2 wings, a new fuselage and use everything else from the wreckage, it might be a good deal,. It alll depends on how much you value your time.

Concerning the price. The insurance company will keep it on the bid table until May 2nd., Then the highest bidder gets it. They will not give me right of first refusal. Also. they will not say what the winning bid is.

Jim Corley


There is an RV8 on there that looks like it has a ton of goodies that could be salvaged including the engine and maybe even the prop, heck theres even a G530...

Just trying to get a feel for what something like that would go for.

http://www.aigaviation.com/aviations...x?faano=N781RV[/quote]

[David-aviator]

Originally Posted by jimcorley

[I am the person who is responsible for that plane being on the salvage list.
Yes It has a ton of goodies. The 530 is waas capable. The engine and prop are almost new and everything on the aircraft was quality. Unofrtunately I groundlooped it with bad results.
Here are some of the goodies.
Trutrak DFC 250 A/P, PS Engineering 6000MS Audio panel/intervcom, Vision microsystems VM1000 with aural warning, Andair fuel selectors and Gascolators on each tank. The plane was in excellent shape. What will it go for?

According to the guys who dismantled the wings. Could be 50,000 up to 70,000, POSSIBLY! The feeling is people overbid. If You want to buy 2 wings, a new fuselage and use everything else from the wreckage, it might be a good deal,. It alll depends on how much you value your time.

Concerning the price. The insurance company will keep it on the bid table until May 2nd., Then the highest bidder gets it. They will not give me right of first refusal. Also. they will not say what the winning bid is.

Jim Corley


There is an RV8 on there that looks like it has a ton of goodies that could be salvaged including the engine and maybe even the prop, heck theres even a G530...

Just trying to get a feel for what something like that would go for.

http://www.aigaviation.com/aviations...x?faano=N781RV

[/quote]

Hi Jim,

Nice of you check in and let anyone interested know about the incident.

I saw your name on the "owner" list along with 3 other guys in the FAA data base but did not have your phone number or e-mail address anymore. Do you think the engine was damaged with the prop ding?

Jan Eggenfellner and I flew into Spruce Creek 2 years ago to visit Bob Bean regarding some welding. I think you were gone that day. Good to hear you are still among the living.

[jimcorley]

Dave. My Email is jimcorley2@gmail.com. Doubt that the engine or prop have any serious damage.



Hi Jim,

Nice of you check in and let anyone interested know about the incident.

I saw your name on the "owner" list along with 3 other guys in the FAA data base but did not have your phone number or e-mail address anymore. Do you think the engine was damaged with the prop ding?

Jan Eggenfellner and I flew into Spruce Creek 2 years ago to visit Bob Bean regarding some welding. I think you were gone that day. Good to hear you are still among the living. [/quote]