Pre-201 Mooney M20s

When Roy LoPresti did his aerodynamic magic to the Mooney M20, it became magically the Mooney 201, the nickname boasting the plane's top speed of 201 mph. Because it's fast, the 201 is a desirable airplane, and so it holds its value strongly. Pre-201 Mooneys, on the other hand, can still be had for a relative bargain, and there are a lot of them on the used market, too. The trick is to know what you're looking for and what mods have been done to the plane.

Mooneys that deserve a closer look for bargain hunters with a need for speed (and economy) are the Ranger, Chaparral and Executive, though the Executive has escalated in price over the past few years due to having the longer and slightly wider cabin. The M20C Ranger and the M20E Chaparral (or Super 21), on the other hand, can still be acquired at bargain prices if you look around. The Chaparral is a particularly attractive airplane. With its 200-hp Lycoming engine, the plane is a reliable 160-knot cruiser with a good useful load (around 1,000 pounds) and a decent range (around 600 nm).

These planes are somewhat cozy in front and downright tight in back. But for pilots who fly most often solo or with one passenger, they work beautifully. Prices start in the $40,000 range (or occasionally much lower), and for that you can get a nice airplane, sometimes with mods, and sometimes with a newly overhauled engine. There are few or no high-performance used planes that can compete in terms of value, cost of ownership and operating costs with a good older Mooney.