I'm a 172 owner, but regularly fly in my buddy's Arrow. The 172 has to be the cheapest option because everything is fixed and welded - any aircraft with wobbly prop and retractable must cost more to maintain. Another good point of the 172 is that there have been more built than any other aeroplane, so spares (and second-hand spares, if necessary) are very available and pricing is (usually) reasonable. As long as you flare properly, the 172 is very forgiving, and you are unlikely to break it easily. The wing is such that you can get into and out of most places. The Arrow needs a bit more space, and prefers smoother strips - but it gets to them a lot quicker!
If you are a young pilot and can clamber in and out easily, then either is OK, but if you have old bones it's easier to step into the 172 (and you and passengers have two doors to work with). Downward visibility is superior in the Cessna, but you need to lift the wing before turning. As you might guess, I'm a bit biased, but it's very personal taste - many think a low wing is sexier, and if you want more complexity and enjoy it, then you'll go Piper. A basic Cherokee wouldn't do it for me - but the Arrow is rather special by comparison. Good luck with your choice!