Nobody buys an airplane like mine because it makes financial sense. Airplanes are not investments. They will cost money, and you need to determine whether or not the experiences your plane will enable are worth the cost. I expect that, for many owners, there comes a time when they have to decide whether the ongoing and projected costs associated with their airplanes are worth it, or if they should sell them for what they can get.
I've been thinking about the report from the shop at Harvey that metal was found in my plane's engine oil filter. It is still in the shop, so I don't yet know the full results of any investigation, but I have to face the very real possibility that my engine will require major repair, major overhaul, or even replacement. And even if it's good to go for now, it still might require one of these quite a bit sooner than I expected.
In general, an engine like mine has a time-before-overhaul (TBOH) of 2000 hours. However, there are many factors which contribute to how long an engine will last before it's required. It's not just the total hours, but also the overall age, how it's used, how often it's run, what climate conditions it's kept in, and so on.
I don't have my engine log, as it's currently at the shop, so I don't know at this time how old that engine is. I'm pretty sure it's been overhauled at least once. I don't know if it started out as a brand new engine, a remanufactured engine, or even an overhauled engine. I won't go into a lot of detail but broadly here's what these mean:
- A new engine is exactly that. It's a brand new engine built from all brand new parts by the manufacturer. In this case, Lycoming. Such an engine starts out at zero-time.
- A remanufactured engine is an engine that has been rebuilt, with replacement of many parts, to a "new" condition by the manufacturer. Only the manufacturer can do this. Like a new engine, a remanufactured engine starts out at zero-time.
- An overhauled engine is one where the required parts have been replaced, but it is not reset to zero-time. It's time since overhaul is reset, but the total time is not. I include this because Lycoming offers factory overhauled engines so it's possible that my engine was overhauled by Lycoming or another company and then installed right after, replacing the previous engine.
My engine has about 1600 hours since major overhaul (SMOH). However, I don't know the total time, nor how old it is. It's possible that it really is approaching end of life, at least in the current state. If so, then I'll need to make a decision.
The thing about aircraft engines like mine is that they are rather simple and unsophisticated, but they're also rather expensive. This is due to various factors, not least of which is the cost of complying with the regulatory regime. For a Lycoming O-360 like mine, you're looking at probably close to $20,000 to overhaul it, if not more. The cost also depends on a couple of other factors like whether you use overhauled cylinders or new ones. A factory remanufactured engine is more, and a new one is obviously the most expensive option.
Something I've learned is that, when it comes to a factory overhauled, remanufactured, or new engine, you might be able to offset the cost a bit by exchanging your old engine. This is similar to how it works with car batteries, alternators, and such. The idea is that Lycoming can use your old engine to build a factory overhauled or remanufactured engine. I haven't checked but it's possible that other companies that overhaul engines might exchange an engine they've overhauled for yours, rather than overhaul your engine and ship it back to you. This would allow for a quicker turnaround time and less time in the shop waiting for an engine.
So if it's time for me to spend some real money on my engine, what do I do? First of all I need to decide if it's worth it at all, or whether I should sell the plane for what I can get and then either get a different plane, or give up on aircraft ownership at least for a while. The thing is, my plane is otherwise in very good condition for its age and type. Ignoring potential engine issues, I got it for a pretty good price. If I spend the cash on a replacement engine, it will probably not be worth the total of what I paid for it plus the cost of the engine, but it will, I think, be worth more than what I paid for it at least. It's also pretty special for reasons I've explained in previous posts.
Based on what I currently know, I think what I would do is see if I can exchange this engine for either a factory overhauled engine from Lycoming, or an overhauled engine from another reputable outfit like Aircraft Power. I'm probably looking at over $20K but I do have the ability to pay that. It will hurt, but the end result will be an airplane that is likely good for at least another decade or more.
We'll have to see what the results are, though, of the investigation. My understanding is that they will refill the oil, run it for 20 to 30 minutes or so, then inspect the filter for any additional metal. If it's there, well it might be time to bite the bullet. If it's clear, then I'll fly it for five hours or so, then we'll check it again.
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