I did my checkride in a 1957 172. Was just looking at my license yesterday-was 5 years ago in October. Haven't flown in 2-got too expensive. Maybe with the pullback in oil that will change.
The Continental is an 1800 TBO engine. Not that it really matters; at that price you'd be buying the plane as a runout. At one time, I had heard that parts for the older Continentals were getting harder to come by; I don't know that for fact. There are enought older 172's out there with them that I wouldn't think it would be too problematic. I do know it was a smooth running engine that was a joy to fly behind (then again, what engine isn't a joy to fly behind?)
Are you mechanically inclined? Good enough that you would trust your life to it? If you can find an A&P willing to sign off on your work and if the plane is not filled with corrosion, then you can't hardly go wrong-you could part the thing out if you had to and still make your money back. With the STOL kit (Short Take Off and Landing, for the guy who was asking) it would make an ideal farmstrip plane.
If you've got a place to store it and work on it, I say go for it. Then again, I'm not the one writing the check.
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