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What happened to the basic Lancair?

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A genuine Lycoming will cost a bundle, as CDogg said, but there are now "clone" engines available at significantly less cost. These are for experimental aircraft, which of course any home-built will be. Supposedly the parts are identical or superior to the factory parts.

http://www.mattituck.com/

Click on the Experimental Engines link. A new clone O-360 is $21K. They have overbored O-390's too, lots of power in the same package as the -360. Given Mattituck's reputation, I'd be completely comfortable with one of these up front.
 
While the company recommends the IO550 in the Legacy, the original prototype was successfully flown and put out some impressive numbers with some form of the IO360. Like so many other aircraft manufacturers, the lure of more power and more performance was too difficult to pass up. Shortly after the initial introduction, the HP was increased. The great thing about a homebuilt is the ability to put any engine with any airframe and ride it for all it's worth.
 
I'd think it would do just fine with a Cont. IO360 with some 10:1 pistons... probably get 235-240 out of it just fine... and would sip gas compared to a guzzling IO550... it's an experimental, why do something basic? :) I really want to get into a Thunder Mustang, but don't think I can afford the 100k supercharged V8 that goes in it just yet. :eek:
 

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