Replace the engine?
Our engine is approx 2000 hours old so we now have to make the decision how to proceed. We are a privately run group (a ltd company) who "hire" the aircraft back to ourselves, the members. Occassionally, ad-hoc training for IMC, re-validation will take place for members only. The aircraft is maintained by a reputable company, but of course, they are out to make as much money as possible out of us.
My question is this:
If the aircraft is owned privately and only flown by the owners, does the 2000 hours (or whatever) apply providing that it passes compression checks, etc? Therefore we can carry on flying for as long as we feel comfortable, or it fails the checks.
Or, as we are "hiring" it to ourselves, do we have to replace it now, or after the 20% extension has expired.
Many thanks