Greg, one of the things I've come to realize when shopping for airplanes, is.... there is no such thing as an "average" airplane to compare to other "average" airplanes. It's sorta like recommending that when you find two airplanes you're interested in, make certain that you compare apples-to-apples! It's simply not possible because these airplanes are no longer identical at all. There's been too many years, too many alterations, too many life experiences, too many
differences.... to make apples-to-apples comparisons.
One could make a life-study of comparing the value of different engines that are installed in 170's....as a subject all to itself! (How was it overhauled, who did it, what parts did they use, did they document each part, were the parts new, used, serviceable, "zero-timed", etc. etc.)
There there's different year models with "improvements" with each year, and then there's avionics differences, then there's damage histories...or not
... you get the picture....
Oh, then there's the "conversion" airplanes with non-original basic equipment such as Lycoming or Continental higher-horsepower engines. (Automatically command $25K+ more money depending on condition and hours.)
When you look at a "blue book" price, you're looking at an airplane with a 6-month old annual with a 900 hour engine. Each engine hour is worth about $10/hr. So a 1,000 hour engine since "overhaul" is worth $1,000 less than a 900 hour engine.... provided that their "overhauls" were comparable. (Was one a "field overhaul to service limits" and the other a "name-brand overhaul to new limits" with a NOS/New crankshaft and new cylinders? The latter might be worth considerably more, even tho' it had several hundred more hours on it than the first engine. See the problem?)
Is one airplane a "parts plane" made up from several wrecks gathered at a salvage yard, and the other a two-owner since new all in the same family airplane, never wrecked? (or has it's wrecks simply not been recorded?)
Is one full of hidden corrosion and the other a pristine restoration.? (But is the latter one a clouded title because it was previously owned by a defunct FBO and subsequently sold by the son of the FBO owner after the owner died? In other words, how do you know the son actually had authority to sign the Bill of Sale for property owned by a company no longer in business?) Were the business assets acquired by a bank and subsequently sold to another institution? Is that institution no longer around and a 30 year old lien not yet released?) Or did someone else buy that plane and hope no one would ever contest it, the title issue is now buried in paperwork, and here you are looking at it? Should you really make an offer? How much should you offer considering the risk? Life can get complicated.
I'm just trying to give you a feel for the complexity of the question. There's no "average" airplane for 1952 models. You are probably not looking at two 1952 models. You are probably interested in a '52 versus a '54 model, and there are so many variables that it's become bewildering.
I'd advise you to buy the model with the most features you find attractive, in the best condition you can find, and see how little the seller will accept for it. (Then get it inspected to confirm it's condition before paying any more than earnest money for it.) Most sellers know the "ball park" their airplane's value is in and are asking slightly more than that value.
Keep in mind that Trade-A-Plane, Vref, etc. is trying to sell advertising space in their periodical. They are hoping to convince a seller they'll get more money for their airplane by advertising in that periodical/classified. It may not be realistic as far as actual value for a particular airframe. (And there's so much subjective judgment when placing value on condition of paint, interior, avionics, which the buyer and/or seller may input into the equation.)
Virtually any 170 of any model, if in airworthy condition and with
no structural corrosion is worth $25-$35K and up. (I know a 55 B model that has wonderful paint, nice original interor, owned by the same TCI170A member for 30 years, always hangard, all logs, new engine...and IF it were for sale, would have to bring an offer of $55K to prevent the current owner from being insulted! I know another 55 B model that can be had for $32K but needs cosmetics and has a 30 year old overhaul that runs great....but it'll take $20K to make it like the first one...yet it's original logs are probably in some attic up north somewhere never to be found! How do you make an apples/apples comparison? You don't.) Then start adding for great condition, recent overhauls, newer avionics, all original logs, etc. etc. This means you'll be shopping for those feature you find important. (Bruce thinks the early cowls are great. I think they are problematical. You have to make up your own mind about such things.) Read up on the History of the 170 in the Pilot Lounge and think about whether you really need large flaps or a really useful cabin heater where you live.... do you perhaps like the classic look of fabric wings.... etc etc.
(Tons of personal opinion in this post incase you didn't notice.)
