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I agree with Roger and also with Ernie. You are going to spend around $80K-100K either now or later. And if that doesn't suit your budget you should look for something else to do for fun.
My worst annual was $11K+, the next worst $8K+, and the average is around $4-5K. I've O/H'd an engine recently @ $35,000, and over the years added IFR GPS for $10K, repainted @ $10K, new boots @ $20K, new heater @ $5K, etc. I've owned the plane for over 10 years. If someone buys it there are lotsof things they won't have to do because I've kept it up, but I don't intend to give it to up for any $40K. If they find one for $30-40K, they'll be putting a bunch of money into it.
You can take your pick: pay now or later. Bad mouth the asking prices if you want, but you aren't likely to escape reality.
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