Do used airplanes have “Blue Book” values ?
Yes. They are called Vref values. AOPA members can perform free Vref evaluations on the AOPA website. Unfortunately, the Vref system is optimized for the insurance industry, and is notorious for undervaluing less expensive airplanes. Here’s the problem: Since the airplanes are used and condition varies widely, their value is quite subjective and difficult to quantify. The insurance industry would prefer to err on the low side, so Vref evaluations are typically $4,000-$7,500 below what the airplanes are actually selling for. In the case of a $200K Mooney or Bonanza, this is only a 2-4% reduction in true value, but in a $20K Cessna it’s a whopping 20-40% undervaluation. Since insurance companies use Vref to calculate replacement value, a new owner has to “prove” that his airplane is worth what he paid for it when purchasing insurance by making an official statement that it is in better than average condition etc.
