Responding on a request in private messaging, here are a few more thoughts. It feels like there's a lot more that I can say about it, but it's all really just based on my experience thus far as a first time buyer. A lot of people here have a lot more experience.
Get to know what you're looking for. I mean, really know. Read owner forums about quirks in the type and model, costs, and so on. This is hard to do if you don't narrow your search, so by doing this you WILL narrow your search. That's a good thing. I ended up with so much knowledge of my two leading types (see below) that it equaled what I had to learn to get my PPL - and I'm glad for it, because I feel like I am on much firmer ground and know what to expect.
Also figure out what you're willing to compromise on and what you won't. For me, the primary requirement was having a 6-seater and excellent engine/prop. That helped filter searches more than you can imagine. Nice avionics/GPS and club seating were important but not a must (the plane I am buying has a decent panel but not club seating). I decided I didn't care about airframe hours or the status of the interior, except the seats themselves. Paint needed to be OK, but not great. And so on. This gave me flexibility in looking at prices. Do your own gut check, because it will really help you stay focused and not get distracted. Note that I didn't look at particular models, but rather created parameters that could fit many different planes. In a strange twist, I ended up with a bifurcated search, looking at A36s and Cherokee 6s at the same time, and settling on the latter. It sounds odd, but when you think about it, the A36 is the "nice to have" plane that has it all but costs a lot, and the C6 is the "minimum requirements" plane that has what I need and costs a lot less.
I would recommend getting a buyer's agent. If there is one thing that has been worth every penny in this entire process and then some, it's this. The convenience of having someone do all the legwork of following up on a plane has been tremendous, and right now as I am closing, having one is truly a gift. I would be overwhelmed otherwise. And I won't even mention the two planes he saved me from buying by utilizing his personal network to find information that I would never have discovered myself. In one of these cases, I think he essentially saved my life. I know there is a ban on advertising in the forum, but I really do want to mention his name because I'm so grateful - it's Chris Moody from Moody Pacific Aviation. Truly an incredible guy.
Get a feel for the market yourself. What I mean by this is get acquainted with all the major sites (Tradeaplane, Controller, ASO, Barnstormers) and others too (Aviationclassifieds, Craigslist etc), as well as eBay. Create a custom search for the kind of plane you want, then run it regularly every weekend for 2-3 months, until you get to the point where you are recognizing the planes you've seen before and can even say when their prices have been adjusted and by how much. You will also start to recognize patterns, and get a really good sense for the real value of these things. There was a point in the summer where I could pretty much tell you about every single Cherokee 6/300 for sale in the country listed under $80K and searchable online. Get used to and expect that many sellers are going to get upset with you because you are "lowballing" them even though by being highly informed you probably have a much better idea of their plane's value than they do, don't take it personally, move on. The corollary is of course don't get attached to ANY plane before you have an agreed-upon purchase price, because the process is highly emotional and it doesn't matter how reasoned you may be, you need two to tango. I honestly would not want to be in the shoes of the folks I have spoken to who have bought their planes in the 05-07 market and have seen the value of their planes plummet 50% or more. But also be a reasonable buyer. Don't be nitpicky on stuff that doesn't matter, and let the other side win too. Nobody likes to get nickle and dimed.
Keep in mind that this is a buyer's market, so right now you have the upper hand. It's going to stay that way for at least 2-3 more years, so plan to buy for 5 and then sell when it's a seller's market again. It can be an uncomfortable process, so get prepared for a lot of uncomfortable discussions, but having an agent takes most of the pain out of this.
And... don't become that seller down the road.
Make sure you have a plan post-purchase. Have a shop lined up, ramp space somewhere, insurance and all that jazz. Just be aware of all of it and have a sense of what you're going to do, because trust me, when the purchase happens, you will have a LOT to deal with already.
Understand how insurance works and what pitfalls to avoid. If it's a new airframe for you, remember you will need to have an instructor lined up to check you out on it that your insurance company will accept - most likely in another part of the country. If you do all this yourself, how will you get a mechanic you can trust over there to do the prebuy?
If something smells fishy, MOVE ON. Really. A price that is too good to be true is, period, and there are all sorts of things like that going on. 20% under vref is not too good to be true in this market, for someone who needs out of their plane for financial reasons. 40% most likely is, when someone is that desperate then you can also expect that they had been cutting corners in the invisible places on a plane that can kill you later on. You will learn these ranges and guidelines for the type you're looking for when you educate yourself in the manner I have described above.
OK, gotta go deal with the kids. More later if anybody wants it.
