On May 1, 1998, approximately 1030 mountain daylight time, a Piper PA-24-400, N8536P, was substantially damaged when it collided with terrain while landing at Jackson, Wyoming. The private pilot and commercial-rated passenger were not injured. Visual meteorological conditions prevailed, and a VFR flight plan had been filed for the personal flight being conducted under Title 14 CFR Part 91. The flight originated at Provo, Utah, approximately 0900. The pilot had recently purchased the airplane from the passenger that was in the airplane. In his accident report, the pilot indicated he was "breaking in a new engine" and he did not reduce power fast enough. The airplane landed long on runway 18 (6,299 ft. x 150 ft., asphalt, porous friction course overlay). The pilot said he realized he was not going to be able to stop the airplane on the runway that remained, and also realized he did not have sufficient speed to abort the landing. Heavy braking caused the left tire to blow out, and the airplane departed the end of the runway. The left main landing gear collapsed when the airplane traversed a large dip at the end of the runway, and the airplane slid to a halt approximately 100 feet beyond. Airport officials reported finding 1,400 feet of skid marks. The pilot attributed the accident to "poor judgment" and his error. His recommendation: "Always land near the threshold, leaving as much runway as possible. Pretty basic." Later examination of the airplane by an FAA inspector revealed a wrinkled and dented left wing, a torn left flap, damaged elevator and both wing tips, two main tires blown out, and a collapsed landing gear. A light and variable wind was reported at the time of the accident.