We all  want a quick answer to what appears to be an easy question.  Anyone should be able to provide a number for an "eighty something, 182, in good condition with a King avionics package" - right?  The fact is that inaccurate details lead to inaccurate results.  Let's take a look at some examples of this.

Online Evaluations Compared

There are about four (4) main online evaluation sites or tools.  These include Vref, Aeroprice, The Aircraft Bluebook Price Digest, and of course, the NAAA Evaluator Tool.

In February 2002, Aviation Consumer performed an analysis of these online evaluation methods.  What they found was disturbing.  They evaluated a hypothetical 1980 Cessna 182Q equipped with older avionics but added a Garmin 430 GPS-Comm and specified minor damage history involving a nose gear collapse.  The result was that the on-line versions Vref and the Aircraft Bluebook Price Digest could not be used in this situation since neither provided any adjustment for damage.  The Aircraft Bluebook Price Digest recommended an assessment by a professional appraiser.

When compared to the NAAA figures, Aeroprice, in this example, had a lower default airframe total time, SMOH and damage adjustment.  Aeroprice was also about $2300 lower on the avionics package.  The only online method that allowed a variation of all parameters (and therefore a more realistic characterization of the aircraft) was the NAAA Evaluator Tool.  The graphs below presume that the NAAA figures are more correct and accurate since all parameters can be characterized.  Here's the result.

All methods were higher than the NAAA values and this isn't surprising.  Without knowing the specifics of the base configuration of the aircraft, value points are miscalculated.  For an owner or banker who simply wants to "do the deal", this may be fine (albeit incorrect) but for an individual buying this aircraft, they will pay more than the market value - as you can see in one example about $20,000 more.  Bankers who are really serious about their collateral will also care as they may be overextended on a particular loan.  Aeroprice in this particular example may have been closer but that is not by design, it was by under estimating certain value points in this specific example as noted above. 

Another View

In March 2002, a well known NAAA member wrote a letter to AOPA President Phil Boyer and highlighted that the use and promotion of Vref was a great disservice to AOPA members.  He goes on to inform Mr. Boyer through several examples that Vref tends to evaluate aircraft too high and that members misuse the tool to arrive at an aircraft's value.  AOPA's response?  They agree that Vref is too high - especially in evaluating avionics and paint.  But they feel they have sufficient disclaimers in place to inform members.  That's probably little comfort to the individuals who trust AOPA and their online tool to provide reliable data for purchase decisions.

Now What?

We can help you by performing an on site examination of the aircraft, its records and systems and providing you with an NAAA Certified Appraisal Report.  In the example above, this appraisal could have been performed for about $500 but would have saved the buyer anywhere from $6000 to $20,000 or more and that is not an uncommon amount of savings.  Let us quote you a price for appraising an aircraft you are interested in - anywhere in the USA.

Download a copy of the Aviation Consumer Article

Download a copy of the Aviation Consumer Analysis