I absolutely agree with Dan on this.
It doesn't make much financial sense to own your own airplane. The financial sacrifice is one made out of love for flying, and the desire to have the ultimate freedom, that to go and fly whenever you wish, without having to match a rental fleet's schedule. Unless you rent in Iowa or Illinois, you won't be able to fly to Clinton for example.
It's very very hard to make ownership look practical on paper. Renting will pencil out cheaper, and with less risk of unexpected expenses.
Sounds bleak,I know. Only you can decide this for yourself. It's certainly true that it can make much more sense for a pair of pilots or a small group of partners if they can get along.
For me personally, the higher cost of ownership is well worth the extra freedom, and knowing my airplane intimately in a way I never would with a rental.
Lastly, no matter how impractical or expensive, it is certainly true that a Cessna 150-152 will likely cost far less to own than any other airplane, certified or otherwise.
We groan at the high cost of gas, hangars and unexpected repairs, but guess what? Owners of practically every other airplane (especially higher performance ones) are paying much much more. Yeah, you could get a lemon, that could happen to anyone with any sort of vehicle. It's my view that there aren't a lot of "money pit" 150's still flying, and those that are can be avoided with some research. It's all relative though. After all, we are talking about vehicles that are between 20 and 46 years old with systems designed in the 1940's.
Here's an example: Let's say you're very careful and you end up spending about $25K for a decent airplane. The way I look at it, your maximum "unexpected" expense hit would not likely exceed $15K, Unless you are one of those people that wants to customize the airplane to death (hey nothing personal guys, I'm one of em'). This might sound like a lot, but a serious repair or engine overhaul could cost about that. Say you don't have another $15K to spend though. You could likely turn around and sell the airplane for no less than $10K. Net loss, $15K or so.(whether you keep or sell.) In the world of aviation or any expensive hobby, this is virtual peanuts. With any luck you'll get several years of good flying out of the airplane without even approaching this sort of repair.
Most really involving hobbies are expensive. Compare things like owning a horse or two, or a boat, classic car or motorcycle. (Priced Motorhomes lately?) Folks who have a passion for those things spend a lot of money and time on them too. I choose to fly.
