Chickenhouse,
I am very surprised you get your hourly rate so low on only 120 hours pa, maybe where you are things are cheaper than the UK.
I was told many years ago that financially the break even point is 300 hours pa and I would say that on a like for like basis that is pretty accurate, start operating LAA types and you can then bring the costs down, especially if you can operate out of a farm strip. You do also need to factor in convenience and availability as well though and only the individual can work out how much that is worth to them.
@Foxmoth: I doubt any things are cheap in Continental Europe, but if you go for an old plane for little money instead of a shiny brandnew XYZ ... 300 hours break even sounds like somebody buying new and trying to justify that. My numbers are for venerable F172 (takes auto gas if nothing else is available) and even operated from a large airport (hangar contributes 30 Euro / h alone). This is what I meant - you CAN fly for little money, but there is almost no limit up.