How many PPL's could honestly say that they have the knowledge to deal with a shonky aircraft in need of restoration? Not many I'd wager!
If you happen to have a big hangar and are a LAME, then that's one thing, if you are like 99.99% of PPL holders, then you're better off buying something decent in the first place!
As for shysters in the GA world... IO I'm shocked! I thought that this was part of the industry where everyone was sweetness and light and honesty was guaranteed...