is this plane worth 11k
 

1975 Cessna 150M

Hi I am wanting to buy a plane to begin flight training, I found this one on cl locally, looks like I could get it for 11k and just wanted some thoughts on if that is a good price. I know it has about 2400 smoh and 12k hours on the airframe. I need to know what are the important questions to ask before buying.
It just had an annual done so is that equivalent to a prebuy inspection?
How many hours over tbo can these things go, it's already 600 over?
What would be the value of the plane if it needs an overhaul and I want to sell it?
Would this be good to do my ifr training too?
These were the compressions from the annual 76 62 76 74, is the 62 something to worry about?

Let me rephrase that for you:

"The airplane needs and overhaul, and you want to buy it?"

Just...no.
As someone who took a fixer upper and fixed it up ( Pitts special) I can promise you, if your asking these questions, you'll be better off finding a plane that's ready to go, flying it all that you need to and then selling it.

Look at it this way, the value of that aircraft with a freshly overhauled engine would probably be in the 20-22K. It will cost probably around 12-15K for a overhaul if not more, so in the end, you get this plane for 11K and will need to drop probably another 15K in an overhaul which puts you in at 26-30K depending again on where/who does the overhaul.
You can find a lot of 150's out there with good times remaining in the aircraft for 15-18K which to me is a better deal.
My short answer? no its worth about 7K - 8K since you need to overhaul the engine.
you could fly it as in on condition but you wont get much time or very far in its current condition. the compression reading on the website says 68 not 62, but yes it's a indication that its weak and bout to let go. You could do a Top overhaul but that would be cost about half the cost of the overhaul since you'll be replacing cylinders, (at least one if not more).

why does it need an overhaul? It is my understanding that it can be flown until there is a reason to do an overhaul since it is not being used commercially. Since it just passed annual doesn't that mean it is flyable? I realize it has high engine time and that is reflected in a low price, so if I fly it until it needs an overhaul wont it still have a value around 10k. This thread seems to back up my understanding, but I am here for advice how far past SMOH would you fly? | Jetcareers

The annual means it was airworthy in May, that's all.

It can go until it stops, the idea is to overhaul it before it stops.

As pointed out, the airframe value if it needs an engine overhaul is "not much."

One nav radio. Welcome to the joy of intersection holding.

Compression testing is a black art. Continental says you can get down to 60 if you do the test per their procedure. Then you need to figure out where the leak is.

Ya know on second thought, you should buy it, you're getting a great deal and saving tons of money. I can't believe it's still for sale, you'd better hurry.

The last thing you need is a plane that has a engine with 600 hours over TBO. You are learning to fly and handle emergencies. If you encounter a real emergency with your low time the outcome may not be favorable. 62 is a real concern to me. When you are learning to fly you are abusing the plane more then a casual owner. You will be redline to idle constantly simulating various situations. I wouldn't touch that plane if it was free. Not to mention you have no idea the cost to upkeep one of those. You will be sorry in the end and wish you hadn't.

Keep in mind you will have to spend thousands more to get that IFR certified. If you are looking to do this cheap join a flying club.

Annuals could be done at the cost of the buyer to be used as a prebuy. Which, should be done on anything. Don't ever trust the fact a plane has an annual. Have a different person do the prebuy that you have talked to in person and trust. It is worth every penny if you find something that can be negotiated vs you paying to fix it after the fact.