So I've decided to buy a plane (in July of 2007), and I've come to a
dilemma. I learned to fly on a Piper Arrow and very much like that
plane, though I haven't flown one in over a year, what I have been
flying is a Cessna Cardinal 177 RGII, very nice plane, great handling
and a pleasure to fly as well, I live in Hawai'i and shipping plays a
big part in inflating the value of planes here... Any plane I buy I
will be putting an AVIDYNE avionics twin LCD system into so I don't
care about the stock avionics packaged, hence my dilemma is as
follows...

I can either buy my flight clubs 177 for 50K (without avionics and a
high time engine (for 20K more the clubs mechanic will put a brand new
engine and prop on).

I can buy a Piper Arrow on the mainland and have it shipped to Hawai'i
for about 10K (from Cali), and refit that with the AVIDYNE system.

or...

I can buy a brand new Piper Arrow for a whopping 427,000 (with the
AVIDYINE and other options I can't get on the older planes stock). And
have peace of mind in a brand new plane that will last a long time
without incurring added maintenance expenses.

Whichever one I buy I will be doing a "lease-back" to the club to allow
other guys to fly it, with a small profit for me (mainly to pay for gas
and maintenance on the plane when I fly it)

Any advice is appreciated.