I bought my 1st aircraft in March 2006 (an aged PA28 with an IFR fix which should allow me to do my IMC) and reckon that 160hrs has cost me £11k inc everything (except purchase and engine fund). But more to the point, it's lovely to have your own ship that is kept as you like it, and not broken by anyone else. A huge luxury, I realise, and I really should find some other folk to share the cost with, but having it all to myself is really wonderful nonetheless. (God knows how i'll feel when I cop the 1st big bill, though).
But a really good inspection, carried out by someone you trust is a must; anything less than what effectively amounts to an annual, probably won't protect you very much. And yes, in the long term, renting makes more financial sense and a group membership even more so. Just remember, your aspirations will be limited by the meanest member of the group, so make sure you are with likeminded souls!