Too good to be true

Next, you ventured to one of the various internet websites and found countless options for sale. Some 20 years old, some brand new, some low total time, and some that have served diligently for thousands of hours, all priced accordingly.

But then there are the oddballs. The airplanes that are priced lower than similar models with comparable total time, equipment, and engines. Having worked up good experience with pricing for that make and model, you think to yourself, That’s gotta be too good to be true—what’s wrong with this aircraft?

The answer? It depends. But here are some major factors that might contribute to an aircraft being priced below average.

Engine condition and Maintenance

Check the time since major overhaul (SMOH) and the time between overhauls (TBO). If the time since major overhaul is nearing (or exceeds) the TBO, that could be driving down the overall price of the aircraft because an expensive overhaul is looming (see “Time-Honored Traditions,” October 2025 AOPA Pilot).

“The sale price has got to reflect whether or not that’s a run-out engine,” said Dean Castillo, a retired U.S. Navy aviator, a pilot for a major airline, airplane owner, and broker for the aviation brokerage service AirplanesUSA. “There needs to be a significant discount from a value standpoint.”

In theory, the depreciation of the aircraft should be linear. “The truth is that the market does not behave that way. Once it’s around 1,400 to 1,500 hours SMOH, the market views it as run out. As unfair as that may be, even though it still has 500 to 600 hours left, the marketplace will say it’s a run-out engine, and it almost always gets discounted,” said Steve Feldman, one of founding members of AirplanesUSA and a Boeing 777 captain for a major U.S. airline.

Also take into account that the kind of engine will influence how much lower the price may be. The cost of overhauling a Continental IO-550-N (like that of a Cirrus SR22) will be significantly higher than the cost of overhauling a Lycoming O-235 (like that of a Cessna 152), and the prices will (or should) be adjusted accordingly. This applies even more so in the case of some twin-engine aircraft, where you’ll have two engines to overhaul.

Remember, TBO is a guideline and not a requirement for Part 91 aircraft. Some are more comfortable exceeding TBO, whereas others like to stick within the manufacturer’s recommendations. Overall, however, an engine with a longer SMOH should be priced less than if that same airplane were put to market 1,000 hours ago.

“It’s a personal decision, it’s certainly legal [to fly past TBO] under Part 91,” said Feldman. “But there’s a liability aspect to it, and so my tendency is to comply.Who fixed the damage and how they did so may also influence how buyers perceive the airplane's value.

Airframe condition and damage history

Damage is an obvious factor. If an airplane has a history of damage—especially a serious incident or accident reportable under 49 CFR 830.5—it’ll likely influence its value. Of course, the extent of the damage and how it was repaired will influence the pricing.

“There’s two schools of thought on damage,” said Feldman. “The first school of thought is that there’s been 30 years since the incident, and if there’s been a problem, it would’ve been discovered by now. Conversely, there has been 30 years for a crack in a visually undetectable area to have propagated to the point of failure. Which of those is true? Both have been true, historically.”

The extent of the damage also matters, Feldman and Castillo confirmed. A gear up landing in a Beechcraft Bonanza without a propeller strike tells a significantly different story than a gear up landing where the aircraft sustained damage to the airframe, propeller, engine, or more, and the price should reflect the nature of the incident. Who fixed the damage and how they did so may also influence how buyers perceive the airplane’s value.

“If something was replaced by a very reputable company, especially for that aircraft type, like a
Beechcraft service center, for example, they have
a big reputation for those kinds of repairs,” Feldman said.

Some aircraft are also more typical to see with a history of damage, both Castillo and Feldman say. For example, it’s common to come across a 50-year-old taildragger with a ground loop incident, and the market might have greater tolerance because of the commonality of those kinds of incidents.

But don’t forget some parts of the airplane that could affect its value that are not necessarily noted in the logbook. If the upholstery is ripping off the seats and the airframe paint is peeling, that should drive the price of that airplane down.

Maintenance and logbook records

It’s important to make sure an airplane not only has complete logbooks, but that they make sense. Have all airworthiness directives (ADs) been complied with? Missed ADs or other repairs that have been missed could prove costly. It’s important to have an A&P familiar with that aircraft type perform a prebuy and look through the logbooks. Compliance with ADs and repairs should be treated, when pricing the aircraft, as the bare minimum.

“If one remodels the bathrooms and kitchen in their house, they’ll increase the value in their house,” Feldman said. “But if somebody fixes a crack in the foundation of the house, they don’t increase the value of the house because it’s not supposed to have cracks in the foundation. Avionics upgrades, paint, and interior; those are kitchens and bathrooms. AD compliance is fixing a crack in the foundation.”

Also, use the logbooks to build out the airplane’s “story.” An engine that only has 100 hours since major overhaul but accumulated those hours across 10 years tells a much different story than a similar time since major overhaul that’s been flying weekly, Feldman and Castillo both said.

A thorough prebuy inspection, Feldman and Castillo also emphasized, isn’t optional. Take it step by step, starting with the most costly parts of the airplane working down to the finer parts. “We tell the mechanic, if you find something, just stop. Stop and call us,” said Feldman. Both experts agreed that when prebuys find something wrong, it usually happens early in that inspection. “The key point is to be as invasive as the owner allows you to be,” Castillo added. Few owners are going to let you remove cylinders from the engine, but you should inspect the engine to the extent that the owner will let you, with both Castillo and Feldman supporting an engine borescope inspection and oil analysis.

“Good deals” largely are a matter of perspective. As Feldman says, “I’m not sure there is such a thing as under market. Unless it’s off market—somebody selling to their nephew or something.” The market price is whatever someone is willing to pay.

As the adage goes, trust, but verify. Don’t let a flashy price motivate you to skip a thorough prebuy inspection and logbook review. And ask for help. Be it from another aircraft owner, AOPA’s Pilot Information Center, or through an aviation brokerage service. Do your due diligence, understand the entire picture, and you’ll be happy you did.

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