What is the true stuff I keep hearing about the corrosion problem older Mooneys face?
True severe or serious 4130 fuselage tubular rust is somewhat rare, but if present can be catastrophically expensive; nearly to the point of totaling an older M20. What is becoming more common is spar cap and lower longeron corrosion within the Mooney wing assy. This is caused by rodent and/or bird infestation and possibly by natural causes especially in older airframes kept outdoors in high moisture areas and/or in industrial areas. This is most difficult to find during inspection and requires copious experience as to just where look what to look for. It is serious but can be contained and virtually eliminated by proper maintenance especially by fogging the aircraft with effective corrosion preventative products such as Corrosion X .