Category Archives: AOPA

NEWLY RESTORED BOEING B-29 DOC COMING TO EAA AIRVENTURE OSHKOSH 2017 AS PART OF INAUGURAL TOUR

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World’s only two flying B-29s set to meet at Oshkosh
EAA AVIATION CENTER, OSHKOSH, Wisconsin — (March 24, 2017) — A newly restored B-29 has included EAA AirVenture Oshkosh2017 on its inaugural tour schedule, creating the potential to have two of these World War II-era bombers in one place for the first time in more than 50 years.
The B-29 Doc, which has just completed its restoration in Wichita, Kansas, will be on tour this spring and summer. Its appearance at EAA AirVenture on July 24-30, fulfills a long commitment to bring the airplane to the World’s Greatest Aviation Celebration when its restoration was complete.
Doc was built in 1945 and for many years was part of a squadron known as the Seven Dwarfs (hence, the name Doc). The airplane was retired in 1956 as the jet bomber age began and sat as a target for U.S. Navy training missions in China Lake, California, until 1998. A restoration group took possession of the airplane from the U.S. government and hauled it back to Wichita in pieces in 2000. After many years of volunteer restoration efforts, the restoration group Doc’s Friends formed in 2013 to supply the financial resources needed to complete the restoration. Docmade its first flight after restoration in July 2016, 60 years after it had been retired.
“This will be a historic year for our airplane and to say we’re excited about our plans to tour in 2017 is an understatement,” said Jim Murphy, manager for the Doc’s Friends Restoration Program.
It also sets the stage for a historic meeting of the world’s only two flying B-29 bombers, as the Commemorative Air Force’s FIFIis scheduled to return to Oshkosh in 2017. If this reunion occurs, it would mark the first time two operational B-29 bombers would be in one place in more than 50 years.
“We’ve been eagerly awaiting the completion of Doc for several years, and its restoration group has always maintained that one of the airplane’s first appearances would be at Oshkosh,” said Rick Larsen, EAA’s vice president of communities and member benefits who coordinates AirVenture features and attractions. “This will be a huge moment for EAA members and aviation enthusiasts to potentially see the world’s only two flying B-29s in one place for the first time.”
The appearance of Doc keeps with the tradition of bringing new and significant warbird aircraft restorations to EAA AirVenture Oshkosh. The annual EAA fly-in convention is the world’s largest annual gathering of warbird aircraft, with more than 350 of them annually flown to Wittman Regional Airport to participate in the event.
About EAA AirVenture Oshkosh

EAA AirVenture Oshkosh is the “World’s Greatest Aviation Celebration” and EAA’s yearly membership convention. Additional EAA AirVenture information, including advance ticket and camping purchase, is available online at www.eaa.org/airventure. EAA members receive lowest prices on admission rates. For more information on EAA and its programs, call 1-800-JOIN-EAA (1-800-564-6322) or visit www.eaa.org. Immediate news is available at www.twitter.com/EAA. 

Do most aircraft sell for base book value?

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 Question.  I have read your book *”How to Buy a Single Engine Airplane” and learned a great deal.  One question I have is that since you have done so many plane transactions, you made mention that you see most planes go close to the base retail price as noted on Vref? 
Is it still a buyer’s market? If that is still true, would a better deal be below base retail?  As I look at pre-owned planes I want to make sure I don’t pay too much.  Thanks for your advice if you have time to answer this email.
Answer. Thanks for the email. I personally think that it is still a buyer’s market.  I am still seeing a slight increase in sales, but the market still seems to be slower than it has been in years past.  I’ll guess that a lot of people have an opinion about this.  I also see a lot of prices when we are insuring aircraft purchases.  I try and keep an eye on the values of the new transaction and compare them to the book to see what the buyers are paying. And the underwriters will question a value that is too high or too low. 
Remember, this is my opinion about the market. 
I think that many of the aircraft advertised are overpriced and now that the investment and aviation markets seem to be growing again, the sellers are reluctant to lower their prices for a sale and risk losing money.   Additionally, fairly low interest rates will allow sellers to keep a higher price.  The sales pitch is that the payments will still be low.
My guess is that the seller will try and wait for the higher price BUT, even then, it appears that most of the aircraft end up selling for a price that is around the base values listed in the books.
The Vref base value takes into account the average number of hours that the aircraft should have on the airframe and engine at the time of sale.  The base price also includes a standard radio package for the model and an average condition.  That is probably representative of over 50 percent of the aircraft on the market.  So the base price is probably representative of over 50 percent of the aircraft for sale.  Sure, you can add for low engine time and low airframe, but it all seems to balance back towards the base price.  A plane with a low total time, say 1,500 hours, will get an increase in value for the hours.  But if the engine has 1,500 hours on it also (and a 2,000 TBO) the book will reduce the value for the engine hours over the halfway point of 1,000 hours.  Typically, the value of the engine per hour is higher than the airframe per hours.
Of course, if you have an aircraft that is loaded with all kinds of fancy modifications or avionics, the price will probably not be close to the base book values.  But on the average, basic book values are pretty close.

*The book “How to Buy a Single Engine Airplane” is out of print.  
But email me for a packet of buyers tips.