Buying used SR20

I’m looking to buy a SR20 from a friend who is upgrading to a SR22 this fall. We are having a hard time trying to fiqure out a “fair” price. Neither of us wants to take advantage of the other. How would I go about determining a fair offer. C configuration with 130+hrs, 3 blade, stormscope…

IMHO, a “fair” price is one that you’re willing to pay and he’s willing to accept.

Joe

I’m looking to buy a SR20 from a friend who is upgrading to a SR22 this fall. We are having a hard time trying to fiqure out a “fair” price. Neither of us wants to take advantage of the other. How would I go about determining a fair offer. C configuration with 130+hrs, 3 blade, stormscope…

I’m looking to buy a SR20 from a friend who is upgrading to a SR22 this fall. We are having a hard time trying to fiqure out a “fair” price. Neither of us wants to take advantage of the other. How would I go about determining a fair offer. C configuration with 130+hrs, 3 blade, stormscope…

My personal opinion would be for you to pay him what he paid, which should be around $210M. For you, you get a plane at cheaper than the cost if you were to go on the list and wait. For him, he got 130 free hours.

I paid $225k for a used 20 ‘B’ with 70 hours a month ago. probably 5-10K too rich but it is a sellers market also:

  1. this was the ONLY one available

  2. i didn’t want to lose it because there aren’t many and i didn’t want to wait for someone’s posotion

Your situation is a little different though…I would have your friend actually list the plane ‘for sale’ on many of the popular web sites…www.aircraft.com; www.aso.com…etc. The ‘fair’ thing to do is for you to pay him the price some one else is willing to pay. In essence, you have a private ‘first right of refusal’

If you think it is to high…your friend gets to sell his plane to the other buyer…

AND YOU BOTH ARE STILL FRIENDS!

Don

PS…Id’ a paid 225 for the ‘c’ in a second!

I’m looking to buy a SR20 from a friend who is upgrading to a SR22 this fall. We are having a hard time trying to fiqure out a “fair” price. Neither of us wants to take advantage of the other. How would I go about determining a fair offer. C configuration with 130+hrs, 3 blade, stormscope…

I’m looking to buy a SR20 from a friend who is upgrading to a SR22 this fall. We are having a hard time trying to fiqure out a “fair” price. Neither of us wants to take advantage of the other. How would I go about determining a fair offer. C configuration with 130+hrs, 3 blade, stormscope…

Lets do the Math, get in line today and a c model with 3 blade,leather will cost you $240,250.00. Now add stormscope and we are at $249,750.00. Lets now add the cpi inflator on the contract approx 4,200.00, now we are at $253,900.00. So if you get in line and wait 2 years this is about what you will pay. So what is a fair price? Well contracts are going for a 10k premium, but you say this is a used plane with 130 hours, so we take a new io360 at $30,000.00 and divide by 130 hours and we have a deduction of $1,950.00 so a fair price for the plane without a premium is about $251,950.00. If you want to confirm this Wings aloft in seattle has a c model with leather,3 blade with no scope and 80 hours for $253,500.00. Just my thought!

I’m looking to buy a SR20 from a friend who is upgrading to a SR22 this fall. We are having a hard time trying to fiqure out a “fair” price. Neither of us wants to take advantage of the other. How would I go about determining a fair offer. C configuration with 130+hrs, 3 blade, stormscope…

if it helps, i just bought an identical plane in the UK but without stormscope for $245,000. (the new price of that aircraft over here including sales tax and ferry is around $290k)

Dear KLG,

Joe said it best.

At today’s market if you give him any less the $235 you are stealing from your friend.

Yes, he has used the airplane too, but he gambled over $200K that his purchase was a good one, if he sell for more than what he paid for it is great, and he deserves the profits. My crystal ball say that after you fly it for another 2 years you will be able to seel it for at least what you paid for it. Give your friend a profit, he may let you take the 22 out for dinner some night. But hurry before someone else places a pile of money in front of your friend and then it may be too late for you to go out and have a great Cirrus day. You know the airplane, jump on it and get it. Get it???

Cheers,

Woor

IMHO, a “fair” price is one that you’re willing to pay and he’s willing to accept.

Joe

I’m looking to buy a SR20 from a friend who is upgrading to a SR22 this fall. We are having a hard time trying to fiqure out a “fair” price. Neither of us wants to take advantage of the other. How would I go about determining a fair offer. C configuration with 130+hrs, 3 blade, stormscope…

So many things to consider. But I would start with the price of that plane as optioned new TODAY. Which I think would be higher. Then I would subtract the cost of the overhaul in terms of hours used…etc.

Then I would subtract something for the fact that the warranty is no longer a full 2 years. Not sure how long you have left.

Then I’d consider the individual characteristics of the plane. Is it a heavy one? Does it have the 32 xponder…etc? Scracthes… Also it loses a little value since you are not the original owner…

My guess is somewhere between 215-225 is fair. I know that’s a big range but, it is hard to say more than that given we can’t see the bird.

Good luck

I absolutely agree with don. I was in the same situation twice - once I bought, once I didn’t. The only fair thing to do is to pay the fair market price. That way nobody is cheated.

Let your friend advertise it as much as he can. Match the best offer and that will be the fair market price. If it’s too high - let him sell it to the highest bidder.

Just my opinion.

I paid $225k for a used 20 ‘B’ with 70 hours a month ago. probably 5-10K too rich but it is a sellers market also:

  1. this was the ONLY one available
  1. i didn’t want to lose it because there aren’t many and i didn’t want to wait for someone’s posotion

Your situation is a little different though…I would have your friend actually list the plane ‘for sale’ on many of the popular web sites…www.aircraft.com; www.aso.com…etc. The ‘fair’ thing to do is for you to pay him the price some one else is willing to pay. In essence, you have a private ‘first right of refusal’

If you think it is to high…your friend gets to sell his plane to the other buyer…

AND YOU BOTH ARE STILL FRIENDS!

Don

PS…Id’ a paid 225 for the ‘c’ in a second!

I’m looking to buy a SR20 from a friend who is upgrading to a SR22 this fall. We are having a hard time trying to fiqure out a “fair” price. Neither of us wants to take advantage of the other. How would I go about determining a fair offer. C configuration with 130+hrs, 3 blade, stormscope…