buying the first plane

[S-Works]

I bought my first aircraft 5 years ago a 152 and flew a thusand hours in it. I had a few teething problems at the start with failed battery and giro instruments. It had flown very little having had one owner for the previous 5 years who did about 150hrs total. The engine still went to life and extension and I replaced it with a new engine in due course. The flexability of having my own IMC equipped was stunning. I embarked on the IR and decided I wanted and IFR tourer and bought a 172 XP that I then spent money on putting in HSI, AP, Garmin etc and I now I have a fully equipped IFR tourer that will carry 4 people, fuel and bags for 700nm.
Again the sheer flexability of having a plain next to home that is a going places machine is outstanding. The 172 had the same problems, the previous owner who still retains an interest in the plane had owned it for several years and his usage had dropped of to only a few hours a year. It took quite a bit of work to bring it back up to its former glory, the first move bringing it indoors. Surface corrosion treated and drying out of the avionics took some time and then I started on the refit. Now I have a first class Airways tourer with all the bells and whistles. I flew it 400hrs last year and the regular use ensure it runs sweet as a nut. The running costs are now £18 for a 50hr and £1200 for an annual. The aircraft burns 28lph in the airways and cruises at 130kts where I spend most of my time.
My biggest concern of moving from a 2 seater to a 4 seater was a massive uplift in costs. In fact the 172 costs just the same as the 152 in maintanance, a fraction more in fuel and about £500 more on insurance.
I am not into "cheap" flying I am into practical flying but I ams till cost aware, I don't like throwing money away!
The plastic hotships do indeed have very impressive figures but they are very restrictive in what you can do with them. OK its great that you can 1000nm at 130kts but when you get there all you can wear is your short and vests as to carry that much fuel you had to leave the clothes and toothbrush behind!!!
And finally, I agree with all the comments here about getting an inspection done. Make sure it is done by someone you trust and they give it a total going over. You will still get bitten by things but it is better risk mitigation.