I must say buying an airplane was not a walk in the park for me. I had been searching for quite some time (many years) until I found the plane I now own and am very pleased with. I learned patience, RESEARCH, and a good sense of judgment are key (in my opinion). I was once where you are and it can be quite overwhelming and frustrating. The least I can offer you in advice is to share my story...
I started the search knowing I wanted a 152, mid time engine at least, decent airframe time, annual with sale, and at blue book value, not a penny more. I ended up buying a 1966 150 with 700 hours SMOH, below blue book. I found the plane on ebay and noted it was at an airport just and hour away from home. So I drove down on a weekday and snuck a peek, more for something to do than anything else (I wanted a 152 not a 150). It had a big for sale sign in the window and a sale price of $18,500. I spent about an hour undisturbed looking the plane over. I discovered some damage had occurred and been repaired to the left aileron and wing tip. To me the damage was cosmetic more than anything, minor hangar rash.
I went home punched in all the data I knew into a program "Aircraft Bluebook" and ended up with a value of $18,300. I called the number on the for sale sign and arranged to have a look at the aircraft, log books, and take it for a test flight. The following day I met the broker and looked over the aircraft as he observed while I pretended not to notice the repaired damage. Later we flew the aircraft. Looking over the log books I noted the damage repairs were nowhere to be found in the log books. And everything else in the log books was of no use to me being I had no clue what I was looking for. The log books indicated an annual was just completed but for some reason that did not mean to much to me being I did not know the AI who did it.
As I left the seller tried to get me to make a deposit mentioning that it was for sale on ebay and would be sold soon otherwise. I pretended not know it was on ebay and told him thanks for letting me know, I may make a bid on ebay.
After flying the 150, it occurred to me 40 degrees of flap could be very handy and I did not notice 10 less HP. It was a hot and humid day with a 2,300' paved runway and 40 lbs over gross. I was impressed with the performance. During the entire flight I used COM 1, the original Cessna radio knowing it was of no use when I first keyed the mic, but did not let on to the broker. I was curious as to what I was dealing with and him insisting it was working fine gave me a good clue.
Later that week I placed a maximum bid of $17,500 at the last second, a gamble knowing the price on the for sale sign. As I wished, the auction ended with me as the highest bidder and the reserve not met. He emailed me with a second chance offer of $18,000 which I declined. I told him $17,500 is my maximum bid. He later called and left me a message saying he had another buyer offering $18,000 and basically the plane would go to whomever made a $1,000 deposit first. Now I may be young and dumb, but not that young and dumb. In fact the message was so transparent that I had to save it to my PC for comical purposes (will post it if I can figure out how). I called his bluff and kindly told him he knows how to reach me for $17,500, pending a pre-buy inspection by an A&P at a location of my choice.
Wouldn't you know a week later the deal with the other buyer did not work out. I then signed a purchase agreement that basically stated he would fly the aircraft to KIAD for a pre-buy inspection. Upon completion of the inspection I would submit a list of discrepancies to the owner for repair, should the owner decline repair the deal would be off.
Now my mechanic was more than happy to drive the hour down to perform the pre-buy where the aircraft was parked, but I thought what a better way to have the transponder, altimeter, and at least one of the coms checked than by having the aircraft flown into a Class B ADIZ. Upon arrival at IAD the broker confessed, the altimeter is off by 300' and ATC asked that he turn the transponder to "standby" instead of "alt".
After a several day long pre-buy (almost an annual), and a professional eye in the log books, I submitted a list of discrepancies with estimated costs to repair. The owner offered to deduct the cost of repairs from the $17,500 and I gave in. Living happily ever after sense, with only a small oil pressure hic-up that I learned was common to the 0-200, and has yet to return.
One thing I did not do until after I purchased the aircraft was by the history cd from the FAA. Luckily I did not find anything scary on the cd, but I suggest you do so before you buy as it only costs about $5 if I recall correctly.
GOOD HUNTING!
