Cheaper still .... Go for a LAA permit aeroplane.
That's no doubt technically true, but it does not mention that there is a strong correlation between LAA owners, and people who love to tinker with their planes and who probably run old MGBs which they lovingly work on
Much of the lower cost of an LAA type comes from both the ability of the average LAA owner to DIY, and from the legal ability to do so to a much bigger extent than on a CofA type.
So before recommending going down that route one needs to establish the appetite the punter has for getting his hands dirty.
In a syndicate, the members needs to be well matched as to attitude to maintenance, the general standard they expect the aircraft to be at, and the ability to dig into their pockets to fund the foregoing on a long term basis. If you want to fully realise the savings from LAA ownership, you need to organise things carefully otherwise one poor b*gger member is going to be on his back looking after the thing while the others just fly it. This happens in many syndicates, but at least those on a CofA plane just offload the maintenance to some local firm.