UnPossible

UnPossible

Well Known Member
Once again, I'm turning to those on VAF who have gone before to try and answer my current dilemma.

Based on your experience, I am wondering on when I would really want to have an engine on hand to install on my plane.

Currently I am working on the canopy frame, and hope to have it drilled and riveted together in the next week or so... obviously the next step given the warm weather is to fit the plexi canopy... After that is done, I'm assuming that not having an engine would slow things down.

What I am trying to decide is do I go ahead and order an engine at Oshkosh this year - hoping to take advantage of any show discounts. Complicating the issue a bit, I will be taking out a construction loan for the engine (up to this point emp, wings, fuselage, finish kit have all been paid for with cash)

I am assuming that I should be able to save a bit if I order it at Oshkosh, but once the loan is in effect, I will be paying ~$175/month in interest... eating up any savings in a few months.....

After that long winded explanation, I am looking for some opinoins as to whether I am close enough to needing an engine to bite the bullet at Oshkosh, or should I wait a few more months and save some interest?
Thanks,
Jason
 
Order now

If you are building with constant speed (not prop :D) you may need engine very soon. After big cut and initial fitting the canopy finishing may take a year or more. Until you rivet top front skin which will not happen without engine hung and major electric/plumbing done. It's like a circle here but engine will be tremendous step forward. Work out all that fiscal stuff and order... tomorrow.
 
Just an idea, but would it be worth buying a used engine of the same model, and when you need to make a final installation, then sell it and buy the one you want?

That would let you work with no loan as long as possible.
 
David Paule said:
Just an idea, but would it be worth buying a used engine of the same model, and when you need to make a final installation, then sell it and buy the one you want?

That would let you work with no loan as long as possible.
Click to expand...

i like this method, doesn't have to be brand new
 
I don't think it is ever too late to start looking for a used engine, but it helps to start early. We started when the wings arrived and found one about the time the fuse was rolled over. If we hadn't found one, it would have been a new engine for sure. I know this isn't exactly what you were asking, but since several mentioned used engines, I think it is relevant. You will have an easier time of test flying without having to break in an engine. After 250 hours, I am very glad we went that way. We saved well over $10k (probably $13-14k but with accessories it is hard to figure) by going with an 885 hr TTSN engine. It really helps the Bottom Line!

Bob Kelly
 
Cost savings...

I started looking early for a used engine. I watched eBay, Barnstormers, Van's, and lot's of local EAA chapter bulletin boards.

Found a nice IO-360 with a constant speed prop for $13,500 after looking for about a year. It came off of an RV-4 that was getting a 200hp upgrade. I put about another $2,000 into getting the engine and prop checked out and ready to install. I have almost 90 hours on my "used" engine without a hiccup!

There are good engines to be had - you just have to be willing to take some time to watch all of the sources.

On the other hand, if you really want to simply bolt on a brand new engine, you probably won't find enough of a show special to justify taking out the loan until you're absolutely ready to begin working on the cowling and FWF.
 
I approached this differently. Rather than delay the loan, I tried to fit the loan into the rest of my life. So when the cars were paid off, I ordered the engine, with the idea of doubling the operating life of the cars, and using money I had been paying for car loans, for an engine loan, instead. Net impact on family finances -- Zero. Sort of.

In addition, a home equity (which I'm using) is usually a floating interest rate. At the moment, I think I'm paying 3.9% interest. I don't see that number coming down anytime soon but I think there's a good chance it will go up in the not-too-distant future and it's important to take the cost of financing into the equation too.

My attitude is the sooner you get the loan, the sooner you pay it off and if you can get it while family finances with other things allows you to, why wait?

Keep in mind, I'm pay-as-you-go with the exception of the engine. Ideally, I wanted zero debt at first flight. I don't think I'm going to do that, but it's still a goal that fits me.
 
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