Avionics News March 2018 - 63
Courtesy of Banyan Air Services
A Banyan technician rewiring the center panel of a Citation 550 that will have a dual Garmin GTN 750 and ADS-B when completed.
more. If that's what you're looking to do, then get going.
But often, well-meaning owners put a lot of blood,
sweat, tears and money into a restoration thinking
they're going to get most of the money back. Sorry, it's
probably not going to end well.
The reason is simple: There are too many aircraft to
choose from. If a pilot has their heart set on a particular
year and type, they can simply go buy one and have it
refurbished to their individual liking.
For example, I had one leading aircraft broker tell me
an owner contacted him recently wanting to sell a 1967
Cessna 150 that he had recently restored. It has a new
engine, Garmin avionics, all-new interior and a $7,000
paint job. The owner thought it was worth $35,000. But
according to the broker, it wasn't worth close to that.
"It's a beautiful airplane, but it is going to be hard to
find another pilot who will appreciate exactly what this
owner has done to a 150," he stated. "I told him his best
move was to enjoy flying it for five or six years and then
try to sell it at a more-reasonable price. That way, he can
get some fun out of his investment."
This is a real problem with the math many owners use
in calculating their investment. When they add all the
receipts from the work done, they get a total cost, which
is fine. But few understand that the hardware is the only
thing the next owner is willing to pay for. In all but the
most-rare instances, the truckload of cash you spent on
labor won't increase the resale value at all.
Let's define value
The value of a particular upgrade means something
different to every pilot. To some, it's getting a higher
resale price. To others, it's adding a piece of equipment
that makes them a better, safer pilot. To someone else, it
may mean finally getting a new interior or paint that will
increase their pride of ownership.
While all these value definitions are truly valid, the
one that most everyone is interested in is maximizing the
aircraft's ultimate resale price. Since we're in the avionics business, let's concentrate on what a new panel may
net when it comes time to sell.
With that in mind, if you're thinking of selling your airplane in the next 18 to 24 months, the first thing you should
do is have it made compliant with all the pending mandates.
Continued on following page
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Table of Contents for the Digital Edition of Avionics News March 2018
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Avionics News March 2018 - 1
Avionics News March 2018 - No label
Avionics News March 2018 - Cover2
Avionics News March 2018 - 1
Avionics News March 2018 - 2
Avionics News March 2018 - 3
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