Hey Stall Warning,
I'm now on the 20th anniversary of my Cessna 150 purchase, and I look back with delight the whole way. Perhaps it could have been less good as other people seem to suggest, but with a good prepurchase inspection, proper maintenance, and regular use, I've put 2400 hours on it, and it's worth about 4 times what I paid for it! I figure that somehow, it's been paying me to fly it!
There are very good books on the "Cessna 172" and the "Piper Indians", which if I recall are written by "Clark" and published by TAB. I have them, and can get you exact information if you like. These books provide a wealth of insight into things to watch for when you are shopping.
My Advice:
Don't buy any more plane than the minimum you need - Are you going to carry three more people around a lot? Do you want your whole family in the plane with you? You can still rent bigger for the occasional trip if you need it. Don't forget about the lowly C150/152 or Piper Tomahawk (yes it's me, I'm the guy who WOULD consider owning one, but my runway is not well suited. There's a lot to be said good for them in the right environment - no snowbanks though)
Avoid ownership partnerships - it's like lending money to a friend, it seems to go wrong a lot, then who can afford to buy the other person out. Buy a cheaper plane all yourself in the first place.
Find an independent aircraft mechanic familiar with the type you're looking at, and PAY that person for their qualified opinion on the condition of the plane. This inspection should involve tools, and take hours.
Avoid Lycoming "H" model engine powered aircraft (later 172's), they seem to have frequent (and very costly) camshaft trouble.
Assure that all AD's have been completed.
An unusually low airframe time can be as worrysome as a high one (it sat a lot, and expensive things rusted and corroded)
Assure that the engine oil screen is examined, or the oil filter is cut apart for examination (you'll be having to pay the cost of that work and parts - it's only fair). This should be your first indicator of "making metal" in the engine (wear you don't want to be paying for).
Or... If you'll keep the plane for a long time, buy a FLYABLE junk heap for a low price, and invest some money in it. It will cost you more, but you'll know what you're flying for the next 1000 hours! Do the engine first, and the paint, interior and radios later. Sure it's a bit embarrassing to be seen it for the first while, but who cares, you can fly under your terms! I know many a happy owner who took this route - including me!
Once you get closer, start a thread with more specific questions, and you should see the wisdom flood in...
If you can truly afford the cost, and you're going to fly once a week or more, ownership is the way to go.
Look forward to the new freedom...
Cheers, Pilot DAR