What is it worth?

[dapearce]

Have been talking with the owner of a 1950 170A that has been sitting for 10 years or more. One wing had a spar replaced due to inappropriate repairs and both wings need recovering. The A/C has been outside all this time so don't know what will be found when going through it. The engine will need an overhaul. The owner is willing to sell as he just doesn't have time/money to complete and has moved out of state anyhow.

I'm investigating taking this on as a long-term project but don't know how to determine if the 10k the owner is asking is a deal or a rip-off. If I just plug the numbers into Vref and deduct the cost of known needed repairs I come up with less than that but not sure if this an appropriate way to approach this. Any input on how to really determine value of a project like this would be appreciated.

[doug8082a]

Have been talking with the owner of a 1950 170A that has been sitting for 10 years or more. One wing had a spar replaced due to inappropriate repairs and both wings need recovering...

Both wings need recovering? As in new sheet metal? Or is this actually a ragwing (which would make it a '48 )? If you need all new sheet metal then you are talking some serious work (and $$$) unless you have the jigs and can do it yourself.

[N1478D]

You will invest more than the plane is worth, and never recoup your labor!

But, you will put a piece of art back on her feet!

[doug8082a]

Boy, ain't that the truth...

[dapearce]

This is a ragwing. The FAA lists it as a 1950 170 so not sure if something else has gone on in its history.

I know I'll never get the money and time back but I'll enjoy the process. Just trying to find out whats fair to pay for the pieces.

[doug8082a]

1948 was the one and only year for the ragwing. From 1949-on the 170 was a metal wing/single strut airplane. Check the s/n and see if there's any mix up in the paperwork somewhere.

I've seen the occasional ad in trade-a-plane and the like where a 170 is clearly a "frankenstien" of mixed parts and advertised as a year/model which it clearly is not. I hope that is not the case here.

Do some serious digging into the history of the plane before laying out any cash. If it IS a frankenstein, there could be lot's of other "surprises" waiting for you.

As for costs on a general project...
engine overhaul $12-15K
Paint $6-8K
Interior $2-5K
Avionics $KKK

There could also be plenty of other items lurking simply because it has sat ($$$$$). If you go into it knowing that, that's fine. If you can do the work yourself (and save $$$) so much the better.

Keep us posted on what you find out.

[AR Dave]

Doug, you can almost double those price quotes for Alaska.
Been there / Done it!

[lowNslow]

I know I'll never get the money and time back but I'll enjoy the process.

I think you answered your own question. Yes, you'll probably spend more then the airplane is worth. But, it will be a great experience rebuilding the old bird and you will know exactly what you have when your all done.

With out knowing the condition I would guess this aircraft is worth somewhere in the area of $7k-10K even if is just to part out, so it sounds like it is in the ballpark.

[dacker]

Having just rebuilt/restored my airplane including replacing a wing, I can tell you that you can easily get into $30,000, even doing a lot of the work yourself. That doesn't include the engine! I wound up with a really neat airplane that gets a lot of compliments, but honestly, I would have preferred less of a project.
David

[GAHorn]

The advantage of a "project" airplane is knowing what you will have when finished. It's not necessarily an investment, but it can be. If you can do the majority of labor yourself, then you'll recoup your investment more than if you must resort to paying professionals for the restoration.
But if you enjoy doing things yourself, then it'll be rewarding, and if you do quality work, you'll not lose money.