August 2011 Issue
What’s It Worth? Appraisal Realities
Surprisingly, many owners fail to do basic tasks which would add to the appraised value of their airplanes.
As a professional aircraft appraiser, I was retained to perform an appraisal on a 1978 Grumman AA5B Tiger not too long ago. I met the owner at his hangar and when he rolled open the hangar door, I wasn’t prepared for what I saw. It was one of the saddest airplanes that I have ever seen. It sat in a hangar that had housed it for three years as it collected dust on what had once been a good, fresh paint job. Its partially deflated tires were sitting in an inch of water, possibly from a roof leak. This airplane showed three years of neglect. Fortunately, the sliding canopy was closed so most of the dust had not penetrated the interior. The airplane was about three years out of annual and it had not been flown or even run in those three years. This airplane was not going to appraise for very much money, even though the owner expected that it would.
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