Are AA1’s a bad purchase?

Sure, but when that guy gets back to his bicycle to find his wheels missing, he's going to be mad at you.

Unfortunately, those wheels are only available from the long-defunct Wright Cycle Company, so you’re stuck unless you can afford the very pricey Schwinn STC.
 
Can't say I have any specific AA1 experience, but 20 years and three planes ago my first plane was an AA5B and have always had a sweet spot for the Grummans. My guess is that the AA1s are awesome starter planes for the right person (i.e. someone of slight build with reasonable expectations of usage). My AA5B was by far the cheapest and most reliable plane I have owned.

I remember seeing some AA1s with upgraded engines - maybe with an o-470? Now... that would be fun.

As to personal finances... I can argue both sides. On one hand, pursue your dreams even if that tempts financial ruin. Life is too short to sit the fence. On the other, airplane ownership is not for the slim-walleted or, at least, the financial faint of heart. It's a lot more fun when you can actually put gas in the thing. In the end, every decision depends on personal circumstances. When I bought the AA5B I could hardly afford rent, but I was young, had no dependents, and not a lot to lose. Now I wouldn't recommend it at all if it's not an all-cash purchase and you're able to blow your nose into $5,000 bills, but I'm older, have dependents, and a lot more at risk. It depends.
 
The AA-1X planes are simple to maintain, fun to fly airplanes. I owned an AA-1A for 4 years immediately after earning my PPL. I built 400+ hours in that plane before moving on and purchasing an AA-5 for IFR training, a plane I have heavily modified and still own. The 1A-1C aircraft came with a modified wing with stall strips that make them much more docile. The 1A I owned had the very reliable O-235-C2C engine.

Some things you should know about the AA-1X planes: like most 2-seat trainers, they have very little useful load, say one and some luggage or 2 people and a shared toothbrush for XC trips. Real life cruise speed is around 108 kt at 6 gph, and they hold only 22 gallons of fuel, which means 3 hours is your limit with minimum VFR reserves. They handle very sportily but are pussycats to land. And they are stone-simple to maintain. Mainly they are 100% fun. It's a Miata in the sky. And about the same size. (My fiance and later wife was cautioned to never comment on how small the plane was.)

The sweet spot for affordability in the AA-5 series is the Traveler. That's what I have. When I bought it the price was half that of a comparable Tiger or Cheetah, and about twice that of an AA-1A. 38 gallons of fuel gives you 4+30 endurance at 8 gph, and a cruise speed slower than the Tiger or Cheetah, but decent for regional IFR at 115-120 kt. If you find one with the high compression STC and Sensenich STC prop (I did that to mine), it is a little faster, climbs a lot better especially in hot weather, and sips fuel at cruise at around 7.5 gph instead of 8.0. This is a 2 passenger plus all the luggage you can cram in it, or 3 passengers with minimal luggage aircraft with full fuel. I plan on 3.0 hour legs IFR, and not more than 3.5 hours VFR. My wife and I have traveled in it quite a bit, and it seems to always come back with a load of shopping that is no problem for W&B.

When we were younger and lighter, we did overnights in the AA-1A, but that was loaded to max gross with a small overnight bag. I don't recommend the AA-1A for that kind of usage. It's just two short-legged and too limited in loading for two people on a long trip. (For one person XC or two people on a day trip it is very usable.) The AA-5 has worked out very well for us, and we have on a few occasions taken it on trips up to 900 nm away.
 
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