Overview:
Piper Cherokee Price varies quite a lot depending on a multitude of factors: Model of the aircraft, Engine time and condition, Avionics, Interior and paint, Any modifications, Prior loss history, typically 10% reduction in price.
Piper Pa-28 Year and Model
The year and model of the Piper Cherokee is used as a base to begin determining today’s value of each aircraft. Older Cherokee’s with more airframe and engine time are worth a lot less than newer Piper Pa-28 models.
Engine Time
Piper Cherokee’s with Lycoming engines have a TBO (time before overhaul) of 2,000 hours. Getting the aircrafts (SMOH) Time since major overhaul is a major factor affecting the price. If the SMOH is 1,400-1,500 hours, you may be in for an expensive ($15,000-$30,000) engine overhaul expense after only a few hundred hours of use.
Airframe Time (TTAF)
Total Airframe Time is a good indicator of how heavy the aircraft has been used during it’s lifetime. Airframes with high TTAF, 10,000 hours plus, are considered to be less valuable due to the amount of time on the aircraft. For The Piper Cherokee, it’s best to shoot for TTAF’s between 3,000-6,000 hours.
Avionics
Avionics and upgrades can significantly impact the value of a Piper Cherokee. Panel upgrades, GPS, Autopilot, ADS-B installation, etc can all increase the value of the Piper Cherokee. The best case is to obtain an equipment list or installation and upgrade history to help justify the value of the additional avionics.
Interior and Paint
Aircraft interiors are typically given a 1-10 based on a grading scale. New or mint condition interiors can increase the value of a Piper Cherokee by $5,000-$10,000. Paint is also graded on a scale, new paint jobs can add $5,000-$10,000 to the value.
Prior Loss History
A lot of Piper Cherokee’s have had losses or been in accidents. This is due to the aircrafts age and is also a testament to the aircraft’s durability and longevity. Depending on the incident and level of damage, having loss history will typically decrease the value of the Piper Pa-28 by 10-20%.
