Okay, so this airplane is a hulk, not a runout. But at the right price, it has potential.

Engine time SMOH looms large in the purchase of any airplane, as well it should, since no other factor more influences the value of an airframe. It’s not much of an exaggeration to say that engine time is even more important than the type of airplane itself, especially if the potential candidates are otherwise close in performance, say a Cessna 172 and a Piper Warrior.

Out of this consideration, certain myths have developed. One is that it’s always a lead-pipe cinch that an airplane with a run-out engine is a far better buy than one with a mid-time or a new engine. The opposite philosophy holds sway with some buyers: never…