[Tim Hancock]

Hangar rent varies depending on locale around here it averages $75/mth. A routine annual inspection on a 150 will cost $500-$1000.
Insurance will cost you around $1200-$1500.

Airplanes kind of suck from a financial perspective due to the high cost of engine overhauls. Most small aircraft have engines that have a 2000 hour TBO (To Be Overhauled time), which can kind of be thought of as a best case scenario for how long the engine will be considered still usable before requiring a $12000 to $20000 overhaul. Unlike cars that you can take some shortcuts with and maybe do the work yourself, certified aircraft must have the job done by an overhaul facility or an AP mechanic.

When shopping for an airplane, you will see the TT (total time on the airframe) and the SMOH (Since Major OverHaul) time listed. If you find a beautiful airplane that states the SMOH time as 1800 and the price is $25000, you need to realize that after you fly it for a couple of years the engine will require a $15000 overhaul. Now you will have $40,000 in aplane that will only be worth maybe $30,000 or so. If you instead try to sell it with a used up engine, most will shy away from it as they know they will need to spend $15,000 soon after they purchase it.

These overhaul times are not neccesarily written in stone, but in reality, most engines do not make it to TBO without some cylinder work along the way. It becomes a tough decision to spend $6000 on new cylinders when the engine only has a couple hundred hours before TBO.

As a new pilot, you will probably rack up 100 hrs per year for the first year or so then eventually you will taper down to maybe 30-50 hrs per year.

I enjoy owning my own planes as I did even before I got my AP/IA mechanic ratings, but like restoring old cars, it seldom makes financial sense. If you can afford to treat this as a fun little hobby and don't mind parting with some money, then it is worth it.

As a cost saving measure, whether you buy or rent, you will be money ahead if you hit the lessons hard and get your private in few months as opposed to a few years. You will complete it in far fewer hours if you fly a few times a week until completion. Guys who drag it out end up paying for 60+ hours, while guys who do it quickly can get it done in as few as 45 or so hours (I took 43 or 44hrs over about 2 1/2 months in '93). You progress rapidly if you train often.

I will step off my soapbox now. Good luck!