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Careful. Buying a used plane can be a money pit. How much do used 150s go for nowadays? $20K? You could easily sink that much into a used plane just bringing it up to safe airworthiness.

Ya, you could just buy a new plane instead of a used one.
a new 172 is only somewhere around $274,900.

Perhaps in 2012. MSRP on a 2019 172S is 2AMU shy of $400,000.

Yup they can be, but so can a newer one. I would rather start my money pit on the low end and work my way up. I just sold a airworthy 150 with less than 750 hours on the engine for $14,000. It wasn't the prettiest plane out there, but not bad at all and mechanically sound. Good cheap planes are out there, you just have to sort through the pile a bit and be patient.

Pete

Mark's word of caution has merit and I learned that lesson the hard way.

As most of the old timers here remember, I threw away a corroded 152 (Queenie) because I didn't know what I was doing and had a less than honest A&P/IA doing the inspection.......okay, he was a crook.

Lessons learned the hard way and the corrosion Queen will never fly again.....bad, bad deal but I was lucky enough that I could take the hit and keep on flying.

Be careful out there when buying any plane......do your home work, too.

I don't want to scare anyone off of purchasing a C-150, but if the initial purchase has to be financed, that makes me nervous, because there may be more costs than just the initial purchase.
I am aware that new planes range in price from $200K to $million$, and I am not in that league. I have acquaintances at my local airport who ARE in that league. You should see the planes they own and fly. They are wealthy people.
Me -- I am financially in the minor league, but I was able to purchase my "airworthy" airplane -- N22507 -- for $14,250, without having to worry about where the money was coming from.
I got a couple of hundred hours flying out of it before the engine went bad. I can't complain about a couple of hundred hours for a $14K used airplane. But, I was in for major repair costs. See attached PDF. More than twice what I paid for the plane. Not to mention annuals/repairs/upgrades. Frankly, I'm still not done.
But -- I have had more than a decade of flying fun with it. Money well spent. But, it's a lot more than the initial purchase price. That's all I'm saying.

Agree there is always additional cost even if you buy a good one, I was told to budget 2x the purchase price for the first year. That suggestion only came after I bought though so I was surprised by the first few bills of more than 1AMU. The learning experience of ownership is fun despite expensive...

Rule of thumb - keep a third in reserve for first year.

You got $30,000 - buy a $20.000 plane
You got $21,000 - buy a $14,000 plane
You got $14,000 - think real hard about if you want to get into this - you don't get much for $9,250!

You got $6.75 Million?

https://thepointsguy.com/2016/07/inside-the-hondajet/

I have used Dorr and AOPA. Both were very helpful but Dorr was easier to complete. Dorr won’t do a loan less than $30,000 after your down payment.