Piper Lance Evaluation

The last annual was completed July 2010.  The 91.411 & 91.413 certifications were completed June 2009.  The owner states that all ADs, and mandatory service bulletins are up to date as of last annual inspection.

Some notable log entries:  The major overhaul on the engine was completed by Barrett Precision Engines in Tulsa Ok in June 2009.  It was reinstalled on the aircraft at 2754.2 hobbs time.  The total time on the engine is approximately 5900 hours.  In May of 1982 there is a log entry to replace a horizontal stabilizer and “one tip”.  There is also a log entry for a ferry flight for this repair.  The aircraft was repainted in February 1992 using DuPont Imron system.  There are several log entries made by Three Wing Flying Services for skin replacement due to cracks in the skin.  These entries and the May 1982 entry are not considered “damage history” in my opinion.  A new interior (seat coverings and side panels) was installed in 1994 and the material has the proper FAA certification paperwork in the log books.  A new windshield was installed in March 2004.  The aircraft appears to have been operated on a Part 135 certificate based on log book entries to comply with Part 135 requirements.

The average price for the current online listings is $130,500 USD.  The most comparable aircraft online have an asking price of approximately $149,900 USD.  Most likely these aircraft will sell in the mid $130,000 USD range plus or minus based on a careful review of the aircraft and records.

My review of the log books and aircraft show that the aircraft is in very good condition.  The log books appear to be in order and complete.  The aircraft shows very well with only one minor flaw in the paint – see photos for details.  The interior is “like new” and in my opinion better than average for an aircraft of that year.  I also search the NTSB database which showed no results.

I have included a BlueBook appraisal for reference.  I priced the items that were in the BlueBook database or that I was able to find online or by other reliable resources.  I have also included a snapshot of the listings on the Controller, ASO, and Trade-A-Plane.  Based on all of this information (and recent sales that I made) I would put a fair market price of $125,000 USD to $135,000 USD.

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