About buying a Lancair 4-p

 

Well, if you can find it already done, then things add up very quickly….but if you find one that has most things you love like….now there is where you can actually save time and lots of money.

 

I have my plane for sale (loaded) with Garmins (G3x, GTN750 etc), BRS parachute, AM-SAFE seatbelts, 4g impact seats, Wing cuffs etc etc

 

Why am I selling the plane, that I really like, well…my son outgrew the plane. He is a 250 pounds, 6’3ft, wide shouldered guy and still growing (playing football and heavy weightlifting).

 

So you can understand my frustration selling the plane. Now I am looking into a p210 Silver Eagle….just because I need the space side-by-side.

 

And yes this plane is real fun, I have over 250 hours in it, and loved every flight with it.

 

== Ronald

 

From: Lancair Mailing List [mailto:lml@lancaironline.net] On Behalf Of PETER WILLIAMS
Sent: Wednesday, June 11, 2014 7:58 AM
To: Lancair Mailing List
Subject: [LML] BUYING A LANCAIR 4, 4P

 

HI THERE

WHAT TO BUY AND WHAT TO LOOK FOR

--ENGINE

1. A     low time engine is not necessarily LOW TIME
     many of the Lancair for sale now were built 12 or more years ago
     the engine may have 150 hours on it but it has timed out for years.(CHECK WITH CONTINENTAL)
     B. does this matter? YES. these engines have flat tappets and they tend to spall
          over time if not used regularly. even regularly can be a problem
     C  how am i sure. well, i have a 4P that had an 1996 install and a 2000 tear down
          and i have just had to have a tear down due to a damaged cam (big money
     D  there is a 4P that i looked at in Florida with 475 hours total time (sold for $175k)
          , now has a fresh overhaul with 45 hours more and  is up for resale at over $300k
     E   there is a $5,000 AD on the starter drive that may not be done

AIRFRAME

1.    No reasonable amount of money will correct a bad airframe, have it checked by one of the Lancair experts
          (i suggest other than Lancair, as their love of the moment is the Evolution and not the 4P)

2        Pressurization. that is afterall what makes the 4P special. will it achieve full 5psi?, which should give you a 3,800
           cabin at 17,500. a good bit of time can be spent solving pressurization, (not just in a Lancair)

3.     Landing gear' lots of potential for issues, Again you need a Lancair expert
               a. nose strut check ($65.00 part that can cost $20,000 to fix if it fails)
                b. accumulator function
                c. gear movement
4      Weight and balance should be rechecked

AVIONICS

1     Chelton screens are an orphans and i would not suggest maintaining them
         ; but. the recent Garmen and Dynon systems are so inexpensive that you can end up with a superior system for
          $10,000-12,000 range
2      Maybe a Garmin 530 or MX 20 (200) is enough for you; it is for me and i fly to VERY LOW IFR in the northeast

FLIGHT TESTING

        get one of the pro's to test fly before you buy; you will know at least what you are up against. EVERY ONE FLIES DIFFERENTLY
        my 4P when stalled rotates 110 degrees off either wing. i have not stalled the plane, this was test pilot report

FLIGHT TRAINING

        VITAL> VITAL
        11% of Lancair's flown home by NON-trained buyers crashes in some fashion. this includes 20,000 hour professional pilots

         I have over 200 hours in type in a year and half and am beginning to "own" the plane... beginning ! at 50 hours i felt i could fly it and at
         100 hours we became friends
          remember there is NO general aviation airplane that  is as demanding as a Lancair 4.

INSURANCE
 
          A    before you buy, check that you can get insurance. if you are financing; hull insurance will be required
          B    My quote for the first year was $14,000 for 200k hull and $1m liability only 100k per seat and a $10,000 deductible
                   at the time i had 3,600 hours IFR & Multy and 2,700 hour twin time
          C    recently a 500 hour pilot bought a 4P and never flew it as he could not get insurance coverage. he sold the plane for $160,000
          D    many owners go naked on hull and some Turbine pilots go naked on Liability as well
          E    there is only one market for Lancair insurance
          F    last year i had Liability only on a 4P and the cost was $3,200 a year; at the same time i had Liability only on a Lancair 4 and the price
                 was $576 a year. Same pilot; same time frame, same coverage.
                     INSURANCE COMPANIES  DO NOT HAVE A GOOD HISTORY ON THE LANCAIR 4P

PRICES

          In the last two years, i know of three 4P's that have sold in the $160-175K. and i believe that the prices are not firm.  a 4P turbine just sold 
          $300,000 and the seller said that he had only one offer in two years. there was a short sale of a 4P turbine that sold for $250,000
           I do not see that the bottom has been reached for prices and i do not believe that the pricing reflects the quality of the build. some  are  good and some are bad.
           you might be better off buying at or below $200k and allocating the rest of the money to fix what ain't prefect


i may have missed some points, but this gives you a start


good luck

peter