I realize this is a loaded question, but is there a reasonable average that RV-8's are valued/sold for in the last year or two. I have been looking for just the right one for the past few years and have ended up buying something else that I wanted for a fair price, but still haven't found that RV-8 that speaks to me. Prices have increased and most seemed to be priced $100-150K with some listed even higher if they are 'premium'. One that I am currently interested in is priced at $170K and being low time, I understand the asking price, but I am having serious second thoughts on it since a couple others on my list are $30-60K less. Panels are similar with one having dual Dynon D10A's and the other with a GRT. Basically not premium glass. The $170K plane is nice in pictures, but I am not sure it is $40-60K better than the plane listed for less. Hoping to get a better look at the lesser priced one this weekend.
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RV-8 prices
- Thread starter WWhunter
- Start date
With Glass and fuel injected, ifr and constant speed, the average has seemed to be 160k. Thats what I’ve noticed the last 3 years of watching the market. I like mine with steam gauges. Mines got inverted systems, ifr panel but old school setup. I didn’t have 30k to fork out for a new glass panel. If I bought the bird I originally wanted, I would’ve saved myself 30k in the long run. It had inverted systems, 3 bladed prop, glass panel, ifr, beautiful panel, loved the paint etc. (This was 4 years ago)
Pilot8
Well Known Member
Having helped my brother buy a RV, what makes buying a RV difficult is how quickly they go- there is no time to actually see the plane in person, which would help in gaining some intuition on what you are looking for. This makes it hard to sort out what are reasonable prices- in another word it’s a sellers market. What really compounds the problem is the best RVs are sold by word of mouth- they never hit the market, so it’s hard to know what a first rate build looks like.
Jay,
I looked that over on this site. Looks like a nice plane. Ironically, one of the one's I am wanting to go look at this weekend is very similar other than very low time (200TT). Owned by a guy that is transitioning to LS. Priced nearly the same. The one listed at $170K is nicer, but not sure it is $40K nicer! That's a lot of gas money.
Yep - the good ones go fast and mostly by word of mouth. Engaging in the local EAA chapter helps to get you in the loop, as well as talking to any RV guy you may know or meet on the road. I’d say I get someone coming up to me to ask questions every third fuel stop or so.
One aspect to consider. The time, sweat and tears that go into building an RV-8 should not be overlooked. If you see one that is rough, then see one that has good fit and finish to compare you will see why some command a higher price even though similarly equipped.
On panels, do not underestimate the cost of replacing avionics. In most cases major panel upgrades have an amazing amount of work (and cost) to be done before the first new piece goes in. For high end glass panel costs, the parts for my new RV-10 ran $38K (dual screens, GTN-650, second comm, ADS-b, dual axis autopilot and all the other the bells and whistles. I build my own panels but I asked an avionics shop the cost to build the same panel. The price was north of $60K.
In other words, if the panel in the plane you are looking at is good for your mission then it rates a higher consideration than one where you know you would have avionic work to do.
As has been discussed, if you find the plane move fast. Add a pre-buy inspection contingency on your offer to mitigate your risks.
Carl
One aspect to consider. The time, sweat and tears that go into building an RV-8 should not be overlooked. If you see one that is rough, then see one that has good fit and finish to compare you will see why some command a higher price even though similarly equipped.
On panels, do not underestimate the cost of replacing avionics. In most cases major panel upgrades have an amazing amount of work (and cost) to be done before the first new piece goes in. For high end glass panel costs, the parts for my new RV-10 ran $38K (dual screens, GTN-650, second comm, ADS-b, dual axis autopilot and all the other the bells and whistles. I build my own panels but I asked an avionics shop the cost to build the same panel. The price was north of $60K.
In other words, if the panel in the plane you are looking at is good for your mission then it rates a higher consideration than one where you know you would have avionic work to do.
As has been discussed, if you find the plane move fast. Add a pre-buy inspection contingency on your offer to mitigate your risks.
Carl
Building an RV is not inexpensive to say the least. On the other hand the prices for a bog standard fairly new C150 or C 172 is eye watering, which makes the more appealing RV8 or 8A something of a bargain in comparison.
Consider the price of major components …. I don’t know what the full kit costs now that Vans has boosted the price by 32%, but the rest …. All new
Superior IO360. Something like .$45,000
Hartzell constant speed……………$10-12,000
GRT HXr 10.4 EFIS… .. $. 7,000
GRT GPS
GRT digital magnetometer
EDM 930tso engine monitor. $ 6,500 plus depending upon supplier
Trutrac autopilot $4-5,000
Electric trim
Electric flaps
Artex 345 ELT $985
Trig TY 96 Com radio. $2,175
Trig TT 31 mode S Transponder $2,700
Becker4201 standby Com radio $1,000
Heated pitot.
Heated seats
Leather and lambskin Upholstered seats
Finished cockpit sides
LED landing and taxi lights
auxiliary full sized battery
There are probably other bits and pieces that I have forgotten, but the costs build up over the years spent building. I ignore costing the labor because I enjoy the process.
My aircraft is very low time from the above rough costing I think it can be seen the my asking of $168,000 is not unreasonable.
My aircraft is polished, but a first class paint job will cost upwards of $12-20,000
Regards to all, Brent
Consider the price of major components …. I don’t know what the full kit costs now that Vans has boosted the price by 32%, but the rest …. All new
Superior IO360. Something like .$45,000
Hartzell constant speed……………$10-12,000
GRT HXr 10.4 EFIS… .. $. 7,000
GRT GPS
GRT digital magnetometer
EDM 930tso engine monitor. $ 6,500 plus depending upon supplier
Trutrac autopilot $4-5,000
Electric trim
Electric flaps
Artex 345 ELT $985
Trig TY 96 Com radio. $2,175
Trig TT 31 mode S Transponder $2,700
Becker4201 standby Com radio $1,000
Heated pitot.
Heated seats
Leather and lambskin Upholstered seats
Finished cockpit sides
LED landing and taxi lights
auxiliary full sized battery
There are probably other bits and pieces that I have forgotten, but the costs build up over the years spent building. I ignore costing the labor because I enjoy the process.
My aircraft is very low time from the above rough costing I think it can be seen the my asking of $168,000 is not unreasonable.
My aircraft is polished, but a first class paint job will cost upwards of $12-20,000
Regards to all, Brent
Out of curiosity I have just checked the RV 8 kit prices.
Standard building kit which mine is $47,000
Quick build is about $71,000
My approximate total component cost is $82,375, kit cost $47,000.
Total $$130,075. That doesn’t include $4,000 or so seats, cockpit sides, lighting, trim/ flaps and other bits and pieces that over the years fortunately have been forgotten.
Those starting with. Quick build kit, decent modern avionics plus first class paint job have an even higher cost, making tome of the even higher prices such as the $195,000 RV8 mentioned here, relatively good value.
Having said all that, it has been worth every penny, going to the hangar, meeting challenges, learning electronicy stuff, meeting good people. The huge downside is that at 86 years old, finding it impossible to get insurance.
Brent
Standard building kit which mine is $47,000
Quick build is about $71,000
My approximate total component cost is $82,375, kit cost $47,000.
Total $$130,075. That doesn’t include $4,000 or so seats, cockpit sides, lighting, trim/ flaps and other bits and pieces that over the years fortunately have been forgotten.
Those starting with. Quick build kit, decent modern avionics plus first class paint job have an even higher cost, making tome of the even higher prices such as the $195,000 RV8 mentioned here, relatively good value.
Having said all that, it has been worth every penny, going to the hangar, meeting challenges, learning electronicy stuff, meeting good people. The huge downside is that at 86 years old, finding it impossible to get insurance.
Brent
I think that you have a very good point, $40,000 is a lot of Avgas, on the other hand, Jay’s aircraft seems to be equipped to be pretty much like mine, and looks very nice, so I can guarantee that apart from Total Time if that is a consideration, Jay’s aircraft is good value. It depends what you are looking for I guess. Will you be happy with old steam gauges, used or overhauled equipment, the list goes on. It is shockingly easy to eat up $40 grand if you need to upgrade an aircraft. Of course you might just be that lucky guy that has found a great bargain deal at $130,000 that I always miss, good luck.
Brent,
Totally agree with everything you have mentioned. I have been 'crunching the numbers' on and off for a couple of years. I was even discussing the same scenario with the guy the other day who's RV-8 I looked at. He is on his 4th RV build, with this last one an RV-12. He's in the same predicament as you, 80+ and insurance concerns. This particular -8 is almost the twin of the one Jay has listed for sale other than lower time and not IFR. Jay's being IFR is a plus, but not having an IFR rating, not really on my radar since I'm a fair weather flyer. Having said that, if I were closer to TX, I would go look at it.
I remember the days when a person could build an RV for $75K+ with a lot of scrounging. Be almost impossible to do the same thing for $100K these days and as you stated, with all new items and basic panel, doubt it could be done under $125K but most likely a bit more than that.
Paint, another item that has gone nuts. Got 2 quotes last year on another plane, $15K and $20K were the quotes. What happened to $5,000 paint jobs! But then, some paint can be extremely expensive.
I don't think you are being unreasonable in your asking price at all. Personally, being 65, my concern is: will I attain the value for dollar before the insurance tells me that I am no longer insurable. If I can get another 10 years before that happens, amortizing it out, it's probably doable.
Totally agree with everything you have mentioned. I have been 'crunching the numbers' on and off for a couple of years. I was even discussing the same scenario with the guy the other day who's RV-8 I looked at. He is on his 4th RV build, with this last one an RV-12. He's in the same predicament as you, 80+ and insurance concerns. This particular -8 is almost the twin of the one Jay has listed for sale other than lower time and not IFR. Jay's being IFR is a plus, but not having an IFR rating, not really on my radar since I'm a fair weather flyer. Having said that, if I were closer to TX, I would go look at it.
I remember the days when a person could build an RV for $75K+ with a lot of scrounging. Be almost impossible to do the same thing for $100K these days and as you stated, with all new items and basic panel, doubt it could be done under $125K but most likely a bit more than that.
Paint, another item that has gone nuts. Got 2 quotes last year on another plane, $15K and $20K were the quotes. What happened to $5,000 paint jobs! But then, some paint can be extremely expensive.
I don't think you are being unreasonable in your asking price at all. Personally, being 65, my concern is: will I attain the value for dollar before the insurance tells me that I am no longer insurable. If I can get another 10 years before that happens, amortizing it out, it's probably doable.
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BoydBirchler
Well Known Member
Paint materials alone can easily run $5 to $9 thousand. That is likely the reason for so much price inflation on paint jobs.
I think that those of us who have been in various forms of aviation would agree with your points, and the points that others have made. One area that has surprised me is the cost of many of the light sport aircraft, which makes our RVs which are real capable aircraft, look like a reasonable deal.
The one additional point that I like to make, is that sensibly bought, these aircraft are just like money in the bank, they don’t need to be amortized…..but then I could be accused of being biased as has been mentioned occasionally at home.
Light Sport went totally off the rails in pricing. Some of those planes are ridiculously high priced! Having owned a couple, their utility is very limited and not fun flying in anything other than nice weather (my opinion).
Yes, those darn CFO's (spousal unit 1 ea.) can put a damper in things at times! They take the fun out of it.
AviationNut882
I'm New Here
I'm late to the post, but I wanted to include something that wasn't included and figured it would benefit others as they read this while researching a purchase. Time —it's the one thing money can't buy —and it's worth a lot, even if you're retired and just love building airplanes! We all have different hourly rates for our jobs. When we are not working, we can view our free time as limited for the non-retired guys. I own a business and have 5 kids. I wanted an RV-8, but did not have the time to be able to commit to building the aircraft. Sure, I could have saved a lot of money building it myself, just the way that I wanted it. The truth is, I just did not have the time. And if I took it away from my kids and my job, it would have inevitably cost me something. How do we value that something? What's that worth? I go to the hangar, pre-flight, and fly my -8. My build took the builder 7 years total, and he documented every hour down to 1,938 hours.
(https://www.rv8-hangar.com) That's a lot of time, and what's that worth at $25.00? That's an additional $48,450.00. I think that's cheap for a well-built aircraft and probably on point for a lower quality build. For good attention to detail and additional modifications, let's just say $75.00/hr, which adds up to $145,350.00 in labor. So yes, we all want an amazing -8 for 125K, but is that realistic? In my opinion, it's not. I paid on the higher end for mine, but I got a heck of a lot of airplane for the money, and a day doesn't go by that I don't regret what I spent.
(https://www.rv8-hangar.com) That's a lot of time, and what's that worth at $25.00? That's an additional $48,450.00. I think that's cheap for a well-built aircraft and probably on point for a lower quality build. For good attention to detail and additional modifications, let's just say $75.00/hr, which adds up to $145,350.00 in labor. So yes, we all want an amazing -8 for 125K, but is that realistic? In my opinion, it's not. I paid on the higher end for mine, but I got a heck of a lot of airplane for the money, and a day doesn't go by that I don't regret what I spent.
Does he know that he can fly his -8 under Sport Pilot privileges now?
The owner already had an RV-12, was close to completion on another RV-12 and the RV-8. His reason for selling the RV-8 was due to not being able to get insurance any longer.
I was looking at selling my -8 recently. I may put it back up again in the near future as life has a way of demanding changes. (New baby etc) The 2 months I had it up, either people couldn't secure financing, didn't like that it had an Aerobatic prop, or (the most common) I got low ball offers (80-90k) without even looking at the airplane. What it came down to is, some of the people out there are hoping to find someone hurting so bad for money that they get a nice airplane on the cheap. I've watched the market over the past 12 months and right now the market is so skewed, the prices of an -8 are all over the place. Granted there are nice birds out there but inflation keeps driving the price up I think.
Only a few years ago we were getting into RVs for performance and prices compared to certified AC.
Now RVs have eclipsed the certified market in some places. You can now get into a Bonanza for less than a RV.
Yes maintenance in some things may cost you more. Engine prices are identical.
But lets face it it. If your shelling out 150 k or more into a homebuilt, than a few extra grand a yr into maintaining a certified AC isn't a big deal.
Im glad Ive had the run Ive had in Aviation over the last 46 yrs. I honestly don't see my children or my grandchildren having the same resources to play in this league.
Now RVs have eclipsed the certified market in some places. You can now get into a Bonanza for less than a RV.
Yes maintenance in some things may cost you more. Engine prices are identical.
But lets face it it. If your shelling out 150 k or more into a homebuilt, than a few extra grand a yr into maintaining a certified AC isn't a big deal.
Im glad Ive had the run Ive had in Aviation over the last 46 yrs. I honestly don't see my children or my grandchildren having the same resources to play in this league.
