So I am an a&p (only a year of experience though), my former boss has a 1974 172 for sale. It has 15,000 tt and 3000 engine time. Compressions are good and no metal is being made ( all in the 70's actually). Plane looks rough with 15000 but flys nice (have flown it myself once). Has all new control surfaces,windows, and a bunch of other parts 7-8k in the last two years in parts. The asking price is 10k and I think I could get it for 8... So what say you ar15.com?!

Yes.

Prop time?

Start saving for another engine though.

Avionics?

For 8k, I would buy it and do an easy refurb. The Cessna is so easy to work on.

Yes but be ready to spend more.

I had an engine O-235-L2C that needed a rebuild. I was in no rush so I sent it to a Tech School. Took several months but cost was just for the parts. Engine ran perfect once I got it back.

Airframe hours are a little high. Price? Engine, if its 3000 since last overhaul I wouldn't fly the family in it. Prop, if it hasn't been to the shop it ten years I would send it out to be inspected. That age and hours on the airframe I would replace the flight control cables and pulleys. Pay attention to the aileron cables at the bottom of the door post where they make the 90 deg turn for rust. This is usually where they break and can kill you. It only takes one cable to fail and you loose control. If it has spent it's life parked outside I think I would walk away. There is a reason he is unloading it. Sounds like it needs a lot of LOVE. Before you buy is talk to an insurance company first about there guidelines about the engine/prop limits on overhaul. Have been flying since 1976 and an A&P/IA since 1982. If you called me up for an annual I would probably pass on it from what little information you have posted. It's all about safety and liability. It maybe a good project airplane for $4000 or less but if you don't have the financial resources or live on an airstrip with a hangar. Stay away from it. At this point it most likely should be stripped down and thoroughly inspected and rewired. Sounds like an old horse. Want's to unload it before it dies. At this point I would not fly family or friends in it. If you want to kill yourself rule of thumb is don't take anyone with you. Like I said may be a good project plane. Don't look to fly it for several years. Understanding wife is the most important factor. FAA inspector told me one time, "most dangerous thing in the world is a pilot with a toolbox". Be safe!

I spent 8 years in the avionics industry. There's no free lunch and aircraft are expensive, there is literally no work around for this. Ads-b is here to stay so expect to be compliant by 2020. Transponders, audio panels, radios , GPS, and everything else adds up very very quick. If you don't have the cash, don't buy it.

I should elaborate. The faa mandate for ads-b requires a mode c transponder, an ads-b tranciever, and a waas GPS. If this airplane is not already outfitted expect to pay around 28k for minimum equipment garmin flavor.

That sounds like a nightmare to me.

At least "cheap" boats usually sink slowly after a catastrophic failure of the component that you haven't poured a ton of money into yet.

"Cheap" airplanes tend to sink at 32'/sec/sec and treading air is a lot harder than treading water.

tagged for later

74 is a good year before the 032-H engine. 15000TT is high but what the heck your an A&P.
From Sporty remanufactured 172 minus the rear seat. Ouch.

, the Sporty’s fixed-base operation, said a 172LITE currently in the paint shop will be available in mid-February for $132,900, with more to follow.

That's damned near free!

after reading more posts.... damn, keeping up with the FAA is going to bite hard.

Yes it is, and the closer we get to 2020 the higher the cost will be.

Sounds like may be a former school trainer with those kind of hours. Look at the area at the bottom of the firewall under the floor below the rudder pedals for corrosion and cracks. Also look under the floor at the structure that attaches the main gear to the airframe. Cracks or elongated mounting holes. Would offer $6000 and see if you can settle as close to $7000 as you can get. Still plan on a engine overhaul and a prop visit to the shop. Send the engine mount to a repair station for an inspection. 15,000 hrs is still a lot of time for a 172 airframe. Don't fly any further from base that you can't afford to take the wings off of it and have it trucked home until you do a thorough inspection. Would recommend having a third party do an inspection and evaluation prior to laying down any cash. Know you want it bad but think you need an objective opinion.

What mission would the plane be for?  If just drilling holes in the sky it would likely be much cheaper to just buy a decent 150/152.  

As far as that 172:  like others said, very high time frame so likely a trainer. Engine is 1000 hours over TBO so even if good compressions now expect it to crap out any time now.  Have a hard look at what the engine alone would cost to replace or overhaul.  If you can't come up with that amount in cash immediately I would pass.

Aircraft ownership is a lot of fun but also comes with a very high price tag.  There is no way around this fact.   Just keeping the plane in the air and well maintained is more than most people can afford, add in a few unexpected expenses and the costs start to skyrocket and you may end up with a plane that you can't afford or sell.  Every time you take off in your airplane you are taking a calculated risk.  If you don't have the money to keep the plane in top shape to minimize risks then you can't afford to do it.  Running an engine 1000 hours past TBO is in my opinion an unnecessary risk.  

How much will you actually fly it? vs Is it cheaper to rent when you want to fly? If you rent you will not have the maintenance costs.

I don't know... since you are an AP, I think I'd be inclined to take a chance on it if it passes your detailed inspection for airframe damage and makes power still. Maybe fly 50 or 100 hours local only and if everything feels good after that... a field rebuild can be a very economical way to get it back in shape assuming engine is still basically healthy.

There is no such thing as a cheap plane.  The purchase price is like the cover charge at a whorehouse.