JT if you are hours building why rent? There is a Fred (yes, that's right Fred, it's a single seat, parasol winged, fabric covered little cutie and no, it's not mine) for sale in the PFA magazine for £3,800. VW engine, slow and will take off/land on a postage stamp. Operating costs about £10/hour fuel & oil. Annual inspection costs about £200. No electrics, flaps etc to go wrong. Hangerage varies from £50-130/month depending on area, insurance around £300-£500 per year. You have to work out where your breakeven point comes between renting and buying something like a Fred based on the hours you are going to fly. Don't forget, you can sell the plane for what you paid for it when you want to move on.
Check out the classifieds on the PFA website at
http://www.pfa.org.uk.
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When the wheels stop turning you're high enuff. CubTrek. To slowly go...