I am now a (partial) airplane owner. Today I handed over the check for a 10% share of a 172M with the Penn Yan 180 HP STC. It has full IFR, new upholstery, paint less than 10 years ago, hangared and flies wonderfully. At about 300 under gross it climbs at 1100 FPM, and cruises a bit faster than the three year old SP I have been flying lately. Half of the nine other partners don't fly more than a few hours a year (one hasn't flown in 20 years), and only three or four fly even on a weekly basis. This is going to be a lot of fun (and expensive at times, no doubt). Finally, free from renting!