AOPA's Win-a-Twin

[RightPedal]

Have you seen this months article in AOPA about the Win-a-Twin. Man what a nice airplane. I'm thinking, what if I won this thing. For someone like myself, this would be a life changing event. To much for me to handle. I could sell it and buy a house and an airplane. No, I could get rid of the wife and keep it. Nothing wrong with dreaming, right? Ok, back to reality, got to go to work

 

[GravityHater]

Historically very very few winners have been able to keep the airplane, usually the tax burden kills the deal. When you win a $300,000 airplane, you have to report it on the next tax return to the IRS, and they get about 27%, I think. So the minute you win it, you better be thinking about how to come up with 80grand for Uncle Sam next February.
Oh, and then there is the aircraft capability/pilot training mismatch. What % of eligible participants are ME rated, or willing to go get one if they are not? Let's not forget upkeep and operating expenses.... can you even get insurance with your qualifications? If so, can you afford it? Might be 8K per year.

All the reality issues aside, yes I fawn over the derned thing too!

 

[getonit]

Gravity hater you are right on about the taxes. It is too bad AOPA doesn't take a more aggressive stance and say the airplane isn't worth that much, allowing "poorer" people to keep the airplane. The airplane really doesn't have a fair market value of that much, they have spend that much money to improve it, but I have seen a lot of airplanes for sale that say 80K invested but selling for 40K.

 

[2000flyer]

While not positive, I'd bet you could finance the tax burden in order to keep it. Or use it against a loan to pay the taxes. Then it's not a bad deal, a $300K airplane for $80K!

What would kill me is paying 3-4 bucks a gallon for avgas!

AOPA did an article last year on the where-abouts of all the planes they've given away and all but one or two have been sold. While I'd have loved to get last years WACO, it's not a practical airplane for a family of four. I would have had it on the market the same week I won it, then gotten something more practical for moving four people around.

2000Flyer

 

[gfvalvo]

Historically very very few winners have been able to keep the airplane, usually the tax burden kills the deal. When you win a $300,000 airplane, you have to report it on the next tax return to the IRS, and they get about 27%, I think. So the minute you win it, you better be thinking about how to come up with 80grand for Uncle Sam next February.
.
.

I figure the only way I could afford to keep it would be a partnership. If IRS says it's worth $280K, then I've got to find 3 other people to kick in $70K each. Pay the IRS $84K and put the rest in the bank to pay my share of the expenses over the next 10 years. I think I can come up with a group of three others with whom I'd have a positive partnership experience. I know of number of ME and instrument-rated pilots with the proper personality who I consider safe and responsible. The only question is do they have $70K in cash to spare?



GFV

 

[ohiopilot]

I'm going to go with a practical type application. While this is a very useful airplane, I agree that not a lot of people could afford to fly it, let alone own it.

I would REALLY have liked to have that Mooney from 2000.

Mmmmmm.....

 

[Uncle Sparky]

Gravity hater you are right on about the taxes. It is too bad AOPA doesn't take a more aggressive stance and say the airplane isn't worth that much, allowing "poorer" people to keep the airplane.

In my opinion, the whole thing is rigged! (I am an AOPA member BTW) I know it's called the Aircraft Owners and Pilot's Association but it seems to me that every year it's the same thing....."I'm sooo happy to have won this airplane, now my biggest dilemma will be trying to decide whether I want to fly this new beauty or my 206 or my Mooney!" Yeah.....darn the luck! In my opinion the Aircraft Owners should be left out of the drawing. I'm still putting hope in my Powerball tickets.....something with a little better odds!

 

[Immelman]

Perhaps a better contest would be giving away several aircraft worth less $.... restore a Cessna 170 nicely, for example, or maybe a Citabria... they could give away 3 at the same "valuation" and the new owners would have a higher likelyhood of using the airplane.

...can you tell I prefer conventional gear?...

 

[jbDC9]

In my opinion, the whole thing is rigged! (I am an AOPA member BTW) I know it's called the Aircraft Owners and Pilot's Association but it seems to me that every year it's the same thing....."I'm sooo happy to have won this airplane, now my biggest dilemma will be trying to decide whether I want to fly this new beauty or my 206 or my Mooney!" Yeah.....darn the luck! In my opinion the Aircraft Owners should be left out of the drawing.

Yep, I'd noticed that too and find it pretty annoying... seems like all the dudes that win already have a plane. Lucky rich bastards...

 

[Vik]

I own a Twin Commanche and let me tell you .. you're maintaining a million dollar airplane.

A new aircraft comparable to it would be a Seneca. It costs about a million bux and when you see my mx bills, you'll see, its almost not worth doing unless you fly it a lot or just have money to burn.

Actually, unless AOPA goes and gets it professionally appraised, you could value it based on the aircraft blue book value + the cost of the avionics. You can't sell it for what money they put into it. If any of you are familiar with the "Bailey Bullet" the guy is willing to sell it now for around $200k and he must have put $500k into it.

 

[bobbysamd]

AOPA Commanche

It's a beautiful airplane, but it likely cost AOPA little money to restore and upgrade. I'd bet it traded advertising space for the avionics. It probably made similar deals for other components. So, the value might be far more than the actual investment.

Costs the "winner" should consider are annuals, ordinary maintenance, fuel, hangar or tiedown and, (ouch!) insurance, along with the above-mentioned tax hit. I didn't read enough of the article to determine if the engines had been overhauled; even so, sooner or later, they'll hit TBO and all that it implies.

Whoever said aviation is a rich man's game said it well.

 

[minitour]

...What would kill me is paying 3-4 bucks a gallon for avgas!
...

aren't they throwing in a $5k gas card to go along with the ME training and avionics training?

80k in taxes or not, I'd keep it all to myself....get 500-600 hours out of it, sell it, and make a killin'...Then I could invest the profit, buy a share in a local plane and fly it to cuba, where I'd live off the interest smoking fine cigars for the rest of......*sigh* it would be so much easier to type if it weren't for all these **CENSORED****CENSORED****CENSORED****CENSORED** BATS FLYING AROUND!

-mini

 

[cessna_driver2]

You all know how to make a small fortune in aviation don't you?








You start w/ a big fortune.

 

[Goose Egg]

I'd sell it, no question. I decided a long time ago that airplanes are tools, not toys. Now, gliders, on the other hand...

-Goose