Ace,
Before you focus too much on this particular plane and its problems, step back a bit and ask yourself the following questions:
1. Why do you fly? Are you hour building or training for a commercial career, are you flying PPL-style just for fun or for moving about (possibly for business reasons)? What are your flying ambitions/flying style in the near future?
2. What sort of an airplane would be compatible with your flying style? Do you need a two-seater or a four-seater or bigger? Does the aircraft need to be IFR certified?
3. How many hours do you expect to fly annually, specifically on the aircraft type you selected in question 2?
4. Are you able to rent a more or less suitable aircraft for your flying needs in the vicinity, or would it be cheaper to buy a share in such an aircraft, or a full aircraft outright?
5. Would you want to buy a recently-refurbished or new aircraft for big bucks, where you can expect little or no non-routine costs in the future, or would you want to buy a clapped-out aircraft for very little, which might turn into a money sinkhole in the next few years?
8.000 or 10.000 dollars sounds like a bargain but if you spend that same amount, or more, in getting it refurbished and then find out you fly it for 20 hours before moving on to the RHS of a 737, it's still a very expensive proposition.
BTW here in mainland Europe we would be very happy to pay $185 for an hours worth of C172, including instructor. I pay about 180 euros wet for such an aircraft, without instructor. The UK is even more expensive.