Dago Red Out Last Two Years?

[wyhdah]

Re: Dago Red Out Last Two Years?

We need a "No Diamondbacks" smiley.

[Race 29]

Re: Dago Red Out Last Two Years?

As much as I hate B of A (stands for Bunch of A$$ho13$! My home loan is through them and they really are jerks! But I digress) I really think they are our saving grace at this point. Think about it, if someone out there want's a TF or a stock 51, would they really spend $2 million on the parts of Dago Red? There are many more affordable flyable mustangs available.

http://www.courtesyaircraft.com/Current%20Inventory/1451D%20P-51D%20Spec.htm

http://www.courtesyaircraft.com/Current%20Inventory/N151W%20P-51D.htm

http://www.courtesyaircraft.com/Current%20Inventory/N167F%20North%20American%20P-51D.htm

And even a TF project that's already started.

http://www.courtesyaircraft.com/Current%20Inventory/N551TF%20North%20American%20TH-51D%20Specs.htm

All of these are from just one website of course (I'm really not advertising for them, just proving a point). I really don't think it would make financial sense to buy Dago at $2 million just to add further investment to build it to stock or TF specification. That would seriously have to be one impressive mustang. Given the quality of the stock restorations that are already out there, I can't see even Bill Gates types doing that. It does take a special individual to buy a modified mustang and go racing. Hopefully that person is out there somewhere with the cash to do it. Just my opinion. I'm going to go play the lottery since I'm too stupid to build a better mouse trap!

Race 29

[johnnyrace]

Re: Dago Red Out Last Two Years?

Maybe Rod Lewis will buy Dago...Then he would own the fastest Mustang, Bearcat, and Sea Fury.

[Race5]

Re: Dago Red Out Last Two Years?

Maybe Rod Lewis will buy Dago...Then he would own the fastest Mustang, Bearcat, and Sea Fury.

All with no crew, and no pilot.

[SpinB]

Re: Dago Red Out Last Two Years?

All with no crew, and no pilot.

Museum...jussayin'..
HELLUVA tax write-off...

[Randy Haskin]

Re: Dago Red Out Last Two Years?

Think about it, if someone out there want's a TF or a stock 51, would they really spend $2 million on the parts of Dago Red?

All kidding aside -- and that's what my posts are, for anyone who is missing the sarcasm -- it's resale value that has driven that massive spike in conversions of P-51s into TF-51s over the last decade or so.

In all honesty, a racing Mustang doesn't really have any higher value than any other stock P-51. Remember, value is simply "what someone will pay for it" (regardless of how much time, love, effort, money, etc, have been pumped into it), and it takes a very specific type of person with a very specific type of motivation to own and campaign a modified racer.

I think we can safely say that the majority of P-51 buyers over the last decade or more aren't that type of person. What those buyers --the ones who drive the market value of the aircraft -- are are people who want a 2-holers in order to take friends up, receive dual instruction themselves, or sell rides/training to help offset the costs. They want it to look like a WWII fighter while doing it, too.

So, while your supposition makes sense as a quick snapshot of the Mustang marketplace on 1 October 2010, if the future Mustang market calls for the airplane to go into the jig at Art Teeters' place and get a rebuild, that's what will happen, regardless of air race fans' enthusiasm for a particular airframe's history as a racer. It's the golden rule, and unless the guy holding the gold wants Dago to continue being a racer, then that's not going to happen.

Don't get me wrong -- this is not what I want (or even expect) to happen. But, then again, who would have predicted that one of the most highly modified and successful Mustangs would, out of the blue, end up in pieces and in hock with the bank because an owner defaulted on their loan?

[Reever]

Re: Dago Red Out Last Two Years?

It's a surprise to me that anyone could get a bank loan on a highly modified racer of any type given the risk of loss.

Steve

[Big_Jim]

Re: Dago Red Out Last Two Years?

It's a surprise to me that anyone could get a bank loan on a highly modified racer of any type given the risk of loss.

Steve

Given that the loan was made (based on appearance of the racer with the owners in question) around 2007, it doesn't surprise me at all. They probably could have gotten a $2 million dollar loan on a Piper Cherokee if the bank thought they could make a buck on it.

Got a pulse? Have you ever had a job? Hey, that's good enough for us...just sign here.

[stuntflyr]

Re: Dago Red Out Last Two Years?

Oh,
But it goes so much deeper than that!