So, you get whatever plane you want, but you have to be able to afford it ounce you have it on your current flying budget.
Which plane would you opt for?
I have to be able to AFFORD it? Waaaaaaah!
I guess in that case I'll have to stick to the club. I honestly don't know how much I can truly afford - And that's because I served a five-year stint as the club's treasurer (VP now) and I know how much it costs to maintain even relatively simple fixed-gear four-seaters.
My biggest problem with outright owning would probably be the purchase price, for a plane I could afford to maintain on an ongoing basis - Or the maintenance, for a plane I could afford to purchase.
I like to travel, that's my main mission for GA. So, at the minimum, an IFR-equipped bird, with GPS and 2-axis autopilot, that cruises at a bare minimum in the mid-130 knot range. Older birds are easier to buy and harder to maintain, newer birds are harder to buy and a little easier to maintain, at least for now.
I honestly don't think I could afford to outright own an airplane that I'd be happy with right now. Sure, I could easily afford a 172, but I wouldn't be happy with it. Too slow, limiting its usefulness for traveling. I'd love to be able to afford the Mooney I'm flying right now, but as much as I love the saying "You can live in an airplane but you can't fly a house," my lovely fiancée has informed me that I can live in an airplane ALONE.
So, I guess the money's gotta go for a house first!