Unfortunately, the 150-152 is a Rodney Dangerfield of GA. When we pull up to the fuel pump next to Mooney/Bonanza/Cirrus, there's definately a sense of being a member of a lower caste of aviators. If you care a lot about esteem from other pilots, it's probably better to buy something more impressive. On the other hand, your non aviator aquaintances will likely think you've won the lottery if they hear you own your own airplane. It's all a question of perspective.
Most of us who own 150-152's could care a hoot about the esteem from either camp, we're just so damn happy to have the freedom of access to our very own airplane. For us, the 150-152 makes more sense economically than most other airplanes.
If you have more to spend, a Skyhawk, Cardinal, Cherokee, or Gruman Tiger are all fine choices, and will offer both more speed and utility in varying degrees, at the cost of 2 to 3 150-152's each. If you can afford more than that I'd personally pick a nice RV6, but plan on spending $100+K.(What was that about the lottery again?)
The best way to narrow your choices down on type/model of airplane is to define your mission first. Jeff Davis wrote and excellent article on this topic
The Art of Aircraft Acquisition in the
May/June 2001 newsletter What are you going to be using the airplane for primarily? Of course you'll be using it in different ways on different days, but what kind of flying are you needing to satisfy "primarily"?
If you really expect to fly alone most of the time, a 150-152 will nicely fit the bill. Since you want to train for your IFR ticket, a post 1966 model will be better for the larger panel, and of course you'll look for an airplane with desirable IFR avionics. (This can be costly)
Lastly, do you expect to fly mostly local flights or lots of cross country?
If you fly solo, gross weight and climb performance are not likely to be a problem unless you fly from a high density altitude airport.
For long cross country trips, the low cruise speed can wear you down. Faster speeds cost big bucks though. Faster airplanes cost a lot more, and 150-152 speed upgrades are not very sensible from a cost/performance perspective.
If we can assume for the purposes of discussion that you will be flying lots of cross country, and the majority of your flights will be 3 hours flying time or less, here's some scoop on the mods:
The SparrowHawk is desirable, but only 5%-7% faster. It's advantage is stock weight, and little increase in fuel consumption, so long range tanks are not required.
Airplanes with 150HP or higher Lycomings will impress you, but longer range than stock tanks are pretty important, or you'll reduce your flight time to a couple hours.
If you fly mostly solo in a 150HP 150-152, I'd seriously consider having the prop repitched for faster cruise, These airplanes climb like you wouldn't believe (1,500 fpm is common) You can give up a little of that climb for faster cruise and still outclimb a 100HP airplane. If you go faster, the next issue becomes manuvering speed, that extra speed won't do you much good if you can't fly in the yellow arc because of rough air. In that case a 150HP Aerobat is the ticket.
No matter which 150-152 you buy, as long as it's sound mechanically, you'll likely get your money's worth, even if you ultimately trade up to a larger or faster airplane. A 150-152 is the best way to get started in airplane ownership. After a couple of years of owning a 150-152 it will be very obvious whether airplane ownership is for you, and whether or not "upgrading" is neccessary.
