Yes, you are both right... I've considered these things.
The ideal 140 I'm after would either be metallized post-production, or an A model that came with metal wings and no jury struts. One with an 0-200 would be even better. One with engine-driven vac and a legal IFR panel would be best of all, but I may change my mind about that.
Of course, flying IFR in a 140 is another discussion...
The trouble with 172s for me is that I just don't need that useful load or speed enough to be burning more fuel... on a 140, an O-200 will use about 5 gph on the average. And most of them are STC'd for mogas, which is critical, now that fuel prices are rising and leaded fuel is under attack ( I give it ten years or less before 100LL is not available at any price in the US)... the aircraft in production will keep up, but a lot of owners of older types will be left high and dry, unless they get new engines (ka-ching!).
Then there's the electric flaps, the nosewheel rigging, etc... it's a pricier plane to maintain, esp. if you saved money on the purchase by buying an old high-time airframe. That maintenance factor also rules out the 150s, although it'd be much easier to find a good one with an IFR package, and a conventional 6-pack to boot. It should be noted that installation of a 150 panel in a 140 is a pretty common upgrade, however... a possibility.
Every owner I've talked to has assured me that yes, you can easily slip into the realm of paying more per hour, but what they feel they're paying for is the "intangibles"... the question is: am I willing to pay $XX/month for:
Knowing it's there for me whenever I want it
Knowing it hasn't been abused on the last flight
Knowing that if worse comes to worse, I can likely sell it and at least break even
Just plain ol' pride of ownership, as silly as that is
??
My answer is "yes." And we're talking about probably a $25K loan here for a good 140 if not a perfect show-winner type... my credit score is not great, but my cash flow is good these days... I could easily pay that off in less than 5 years. Right now, if I had to, I could throw $800/month into a plane, until the loan is paid off. Then she's mine, all mine. Much lower monthly "nut" once those payments are done.
The make-or-break moment would most likely be an engine overhaul. This is where sole owners experience the most heartache: suddenly you're looking at a huge maintenance bill (potentially), and if you cop out and sell, you'll get a lot less for a plane with a run-out engine.
Every owner cringes at annual time, and often cries when there are expensive surprises, but forking over $10-20K for an overhaul or replacement engine for a plane you paid less than $50K for is often the last straw.
But the 140s I've been looking at online have a lot to offer: for example, my #1 candidate right now is a '49 140A with vac pump and a currently legal (if peculiar) IFR panel. New-ish paint and glass.
It has less than 3500 TT and just over 1100 on the engine. I'd have to fly over 700 hours to get that O-200 to where it needs to be torn down (assuming nothing pops up in annual inspection). There's no way I'll be able to average 30-50 hrs/ month; maybe 20 tops, so it would last another three or four years before TBO... time enough to set money aside for an overhaul.
Asking price is currently $27.5K, and he's been advertising it for some time... so it could go for less.
I'd certainly rather find one with less time on the 'plant; might even settle for the right VFR-only job, but that one is a good example of a "high-risk" 140 on the market... still a fairly good value, I think.
Anyway... tomorrow I'm meeting a guy in Danville, PA who has offered to let me fly his 140 and is thinking about selling it.
I figure I'll either come away from that flight (and discussion of 140 ownership) with serious reservations or even more enthusiasm...
by FLYING_TRUCKER » Thu Jan 31, 2008 11:56 am 
