"Vref" Aircraft Valuation
Posted: Fri Apr 06, 2007 3:39 pm
I just performed a Vref (appraisal software brand-name) evaluaton/valuation of my aircraft. I believe their software is pitifully inaccurate.
According to them, a 1953 C-170-B with paint/interior condition rated "7" with a single "nav/com" average value is $30K. Their software allows adding a few exotic avionics pkgs, but ignore most common equipment, including txdrs/encoders, etc. (Perhaps they consider them standard, since most airplanes have them. They also do not specify the particular nav/com installed...a serious error in my view.)
They use $10/hr for engine time and an average ovhl value of the standard engine of $19K, both of which are probably correct. But they only add $5K in value for a 180 hp engine conversion.
I believe even a poor condition B model will bring $30K these days. My aircraft was valued at $32.5 according to their system, even if I calculate lower than their standard TSMOH (750 instead of 900) and if I add the equivalent of undepreciated $4K of additional equipment. (How can that be? If a standard, average airplane is worth $30K, and my airplane has less engine time but $4K more equipment,...then it should calculate $1500 additional for the engine and be worth $5500 more than the average!) I value it at $55K, and have turned down a serious, unsolicited, offer of $60K.
I cannot recommend the current version of Vref (unless you are a buyer and want to use it as a bargaining tool.)
According to them, a 1953 C-170-B with paint/interior condition rated "7" with a single "nav/com" average value is $30K. Their software allows adding a few exotic avionics pkgs, but ignore most common equipment, including txdrs/encoders, etc. (Perhaps they consider them standard, since most airplanes have them. They also do not specify the particular nav/com installed...a serious error in my view.)
They use $10/hr for engine time and an average ovhl value of the standard engine of $19K, both of which are probably correct. But they only add $5K in value for a 180 hp engine conversion.
I believe even a poor condition B model will bring $30K these days. My aircraft was valued at $32.5 according to their system, even if I calculate lower than their standard TSMOH (750 instead of 900) and if I add the equivalent of undepreciated $4K of additional equipment. (How can that be? If a standard, average airplane is worth $30K, and my airplane has less engine time but $4K more equipment,...then it should calculate $1500 additional for the engine and be worth $5500 more than the average!) I value it at $55K, and have turned down a serious, unsolicited, offer of $60K.
I cannot recommend the current version of Vref (unless you are a buyer and want to use it as a bargaining tool.)
