Now the other voice in my head says, "I have been looking for over a year and this is by far the best plane I have seen, BUY IT!" I could always sell it if it became a problem. I could get a partnership to help share the costs. This is something that I have thought about for something like 30 years. I have been frugal long enough, and it's time to get into debt American Style...
Help! I have been stalling the owner for a few days and need to act, or let him move on to the next buyer.
Tim, I like most of the advice given, but I have to take a bit of a different view point.
You are struggling with this decision. If that is the case, walk away from it and let the seller off the hook. I was not good about my financial planning early on (and I am a banker) wishing now that I had been more aggressive with my retirement planning. We got the kids through school and all, but I will likely be working at least until 62 I am guessing.
The thing is...while recreational activities are important, you say a lot of things that I fear put you at risk of far more than the joy of flying.
Your wife is not keen on this. I can sense it in what you have posted. That said, the first time the airplane causes her to lose out on something important (it's harmless up to that point)like she wants to take an anniversary trip with you on a "good deal" but the airplane ate your finances, it will become the other mistress and put some serious stress on your marriage.
Another thing you mention (...I can just sell it). Well, maybe...if you can handle a sizable loss that is true, but my case is I bought a Cherokee 180 at a steal price. While I knew it needed some maintenence, what I didn't count on was a bad cam shaft (probably, still uncertain) disguised (alleged) by 10 degrees advanced timing. Now, I can afford to fix the plane, which I will, and it will still be a reasonably priced 4 seat 180 hp airplane, but it will be on the upper end of the value spectrum. If you go out an borrow to the max to buy the plane, then have a $5,000 repair bill (read posts of others first annuals) will you have that cash (not debt) available to cover the costs.
I mayb be reading more into this, and a lot like Bill, I don't like to see folks waste valuable flying years when they could have been, but....I am opposed to getting into ownership when the financial pressures cannot be easily sustained without sacrificing the REALLY important things in life. It can rob the joy and has caused more than one person to walk away from aviation never to return.
I think you need to keep contemplating, walking through the process, renting and then when the timing and airplane are right, you will know it and it will be a great experience.
