It is my belief that before you buy any aircraft you should decide how much of an aircraft you would be able to afford after the purchase. Unlike cars an airplane does not come with a 3 year 60 mile warranty. There is a lot of out of pocket expense to consider such at the annual inspection every year. If the annual inspection is done properly the first time and the aircraft is maintained routinely the costs will be relative small. But if you get the $200 to $300 annual inspection it may cost you much more when the inspection is completed correctly.
Having said all that how much will you use the aircraft less than 100 hours a year or more that 100 hours an year. If you are flying 400-500 miles as a first time buyer I would suggest an older Cessna 172 that need an engine overhaul without all the new avionic.
The overhaul will cost for a 0-320 or 0-360 depending on the condition about $6 to 7 thousand dollars and that amount should come off the sale price. Having it overhauled and paying for it yourself is better than not knowing what someone else says they did, besides it will come with a warranty and that you will want.
I am writing a book on Pre-purchases and Inspections, which I hope will be out the late summer. I am in the final editing stages. It will explain the 12 steps I have come up with to protect yourself. I should mention I am a FAA inspector in the Oakland FSDO and see a lot of aircraft everyday. If I might add DO NOT buy a aircraft from a flying school they are wore out and need lots of repairs $$$.
If you need assistance contact me at my office (510) 273-7155 Ext. 246. My job is to help the public, if you go to
http://www.navioneer.org/Information/ I have posted my RAMP check sheet it is the best document to inspect a GA aircraft with. In addition you will find 3 years of my newsletter it is written toward maintenance I think you will find some very good articles about what to loot out for.
Denny of Oakland