When buying an aircraft which has had multiple owners it is acceptable to get the logbooks from the previous owner only?
It will most definitely decrease the value of the airplane. How much is not easily answered. If the current owner has owned the plane for a long time and all the ADs are complied with then probably not much of a decrease in value. If they have replaced the engine and prop—even better. However, if the current owner has had it for a short while, then maybe he’s selling it for a reason related to the missing logs. 

Maybe there was a prop strike or gear-up with a previous owner and they didn’t do the repairs properly. Or maybe there is a lien on the plane from when the last owner didn’t pay the shop. Or it could be that the plane was perfectly maintained but an ex-spouse kept the books in a nasty divorce. That’s why it is difficult to say how much the missing books decrease the value.

You can get the records for the airplane from the FAA in Oklahoma City to see if there was major damage properly repaired. The A&amp;P is supposed to file 337s for major repairs and modifications.

In any case, you’ll need to have an A&amp;P who is familiar with the type do a careful pre-buy.

Whether you should buy a plane with missing logs partly depends on how long you intend to keep it. Just like you are concerned about missing logs, the next owner will be too. If you plan to keep it for a long time, then you probably shouldn’t be too concerned about the difficulty of selling it later. If it’s a transition airplane for you, then know that it will be more difficult to sell.