I’ve been reading posts on this forum for at least six months as I considered buying a SR20.
In January, I was about to pay the $20k deposit, and was given all sorts of rosey assurances by the Cirrus sales rep. But I then started hearing rumors about financial difficulties at Cirrus, so I held off. Shortly thereafter, Cirrus announced its layoffs and need for funding.
I had to then think hard about whether to go forward with signing the contract and paying the deposit, which would have made me an unsecured creditor to Cirrus. I was about to finally take the plung, but then learned that Cirrus was going back on its promised delivery dates for the SR20s and was stopping production in favor of the SR22.
Bottom line: It seems to me that Cirrus either is unable to keep its promises, or lacks the integrety to do so. In talking to others who were seriously considering purchasing a Cirrus, they too have backed off and are looking at alternatives.
Please don’t flame me – I am not anti-Cirrus. However, whether due to inability or due to lack of integrity on the part of Cirrus, the simple fact is that I would be a fool to give $20K to Cirrus under these circumstances. Even though I believe Cirrus will survive financially, I am unable to trust the company to keep faith with its customers. After all, it hasn’t kept faith with current SR20 position holders and it keeps pushing back production and projected delivery dates.
I think Cirrus has hurt itself more than it realizes. Also, the persistent reports of transponder and ARNAV problems, with no clear indication by Cirrus of any plans to address those problems, also gives me great hesitation about Cirrus as a company.
At this point, I looking elsewhere but want to be convinced that I can depend on Cirrus.
The problem with looking at other planes is, what are you going to look at? 40+ year old designs, with less performance, less technology, less quality, all offered at only twice the price!
If you are not convinced after flying the plane, look at the reality of the business situation. Cirrus has a back log of 700-800 planes. In their first year they became the #3 producer of piston aircraft, for good reason. Their biggest asset is their certified design. In the unlikey (but possible) scenario that Cirrus falters, the realistic outcome is that the company, the certified design, and the huge customer order base, will be picked up by another company. Based on this, sending in a deposit for the plane is probably not as risky as you think. If Cirrus failed, how many other manufactures would be lining up, mouths watering, for a new certified design and a huge customer order base? Plus, looking at the current resale market for used Cirrus planes, the contract resale market, and the probable (and much needed for Cirrus) price increases between now and the time you would get your plane, you actually stand a good chance of your deposit increasing in value over time. (Can’t always say that about other investments.)
From my experience, I can tell you my Cirrus rep has quickly answered every question I have posed. Within 2 weeks of my first contact with Cirrus, an SR22 was here in Syracuse for a demo flight. Although my rep always takes the company line, the response time is almost instantaneous and always honest. From what I’ve heard from the fortunate people that aleady have their planes, any problems have been swiftly handled by the company.
Cirrus is a new company. From the outside looking in, it seems they underpriced their product (hence the huge demand.) Cash flow is apparantly a problem, but integrity and customer service is not. They may not be the best managed company in the world right now, its called growing pains. They will get better.
At some point there will likely be continued price increases. The SR20 has already been increased twice in the last year. Get you deposit in now before the next one. What are your other options? Spend $400k on a plane designed with 1950’s technology?
Jeff SR22 #228