Thanks for the replies!

An update:

It turns out that I can actually scrounge up about 30-35K. Before this
conversation, I might have automatically upgraded my sights to a
Cherokee, but the decision bears some thought.

Having extra cash in hand to cover unanticipated costs in the
beginning/whenever sounds like a good idea.

I understand the financing logic, and I use the same advice on the
properties I own (if I saved up until I could buy them outright, I'd
never buy them, and it'd be a bad investment of capital that could be
doing other things, etc), but I still have a hard time applying the
same model to airplanes. Sure, I'd love to have a Piper Cherokee four
seater with an IFR stack, in panel GPS, seat warmers, etc.... but I
_really_ hate debt load for 'doodads' (I'm sure some people in the
group will pick up on where I'm coming from based on that).

I've spent the last few years getting rid of soft debt (credit cards,
car payments, etc) and replacing them with capital debt (like my house,
investment properties, etc) and the number of actual payments I make
per month is down to the basics. It's not just the interest that gets
me, it's also the safety factor. I've been folding everything around
the concept of being self-sustaining in case I lose my job/medical
problems/economic downturn etc. Right now, if I stopped working for
the company I work for, I could still cover my bills and downshift to
an economy mode using my passive income. It wouldn't be great, but I'd
survive. I don't necessarilly think that WILL happen, but I'm working
real hard to avoid having monthly expenses that would push me into the
red in that contingency, and the payments on a nice plane fall into
that category. If I can buy a plane outright, I don't leave my little
financial safety zone.

I know, it sounds crazy. In another time, I might be the guy who
builds a big bomb shelter in the back yard, but for now.... I wanna
fly without having a 'car payment'.

I'm going to go pick up a copy of 'Buying and owning your own airplane'
(http://www.amazon.com/exec/obidos/tg...books&n=507846)
and do some worksheets.