Can anyone give me some advice on buying a started project? I was offered an aircraft last night (about 70% complete) and was asked to make an offer and I can have it. The builder has already put about £7k into it.
All advice would be greatly appreciated.
By: Melvyn Hiscock - 28th April 2004 at 22:29
You really need to be sure you are getting what you think you are getting. Also the amount of money invested does not equal value. For £7000 I’d want a pretty good engine included!
There are some nightmare stories of dodgy projects (this subject came up on the Pietenpol thread) and I could add one or two that I have seen.
Daz, feel free to e-mail me for an offline if you want.
Melvyn
By: Kenneth - 27th April 2004 at 21:14
You may wish to get yourself an independent PFA instpector to look it over for a second opinion.
I’d second that. Also beware of any closed up portions (box spar) which can no longer be inspected.
By: Moggy C - 27th April 2004 at 15:39
A buyers market I would suspect.
Play it cool, and start with a low offer.
If he says he’s put £7,000 into it I’d guess that’s really £5,000.
I’d be really pleasant and enthusiastic, befriend the guy and eventually after your chats with the PFA guy, offer £4,000
He can only refuse. Even then, there’s no need to burn your boats. You can always come back after a protracted wait with an offer of £4,500
Moggy
By: DazDaMan - 27th April 2004 at 14:48
Yes, it’s an Isaacs Spitfire.
Thanks for the advice, Janie.
By: Chipmunk Carol - 27th April 2004 at 14:40
If this is a PFA aircraft, I’d ask for the details of the inspector who has been overseeing the project, then have a chat with them about it. You may wish to get yourself an independent PFA instpector to look it over for a second opinion.
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April 27, 2004 at 2:35 pm