Flying clubs
One thing I've found is if you find the right flying club, it can reduce the costs a lot. One club I belong to is a glider club. Towing makes up a good percentage of my flying hours each year. I love towing, it's proficiency flying with a mission behind it. It's free flying, once I pay the $20USD/month fee to be in the club. On another thread unpaid towing was both praised and bashed. I'm one to praise it. When I fly an airplane that I have to pay for, I fly it to use it and not to work the rust out of basic flying skills. That rust is worked out in towing. The glider flying is good cheap flying too. Lots of fun to boot. This year I will earn my commercial glider ticket and I can fly rides for my club. Again, not paid, but it's free flying and darn good for proficiency. I also belong to a couple of power clubs. My EAA chapter houses a club with a 1946 C140. Lots of A&P's, and IA's in the club. Reduced cost of maintenance, storage, etc plus an economical airplane to fly makes for low direct costs. The last club I'm in has a 1967 PA28R-180. I'm using it for my instrument training. With the fixed costs, it breaks even with a straight rental if I fly about 3 hours a month. Fly it more than that, it is very economical in comparison to renting. I'm not sure if I will ever own my own airplane, not counting the one I'm building, because it doesn't make financial sense for the amount of flying I do. For those of us that don't fly the big hours, a club brings the utilization rate up so the financial benefits mentioned by Bose-X are realized, and shared by the membership.
-- IFMU