DrPappy
Pre-takeoff checklist
The acquisition cost is the big player for me, personally. I have my vehicles paid for, boat, jet ski: paid for. However, both of my vehicles and boats/jet ski have a value somewhere around $60K all-in, which is about what it would cost for a 1970's 4/5-seat XC machine in average condition.
I live in Okla, so not exactly a high cost of living area. We make over $100K as a family and live in a modestly priced home. So, with that being said, I can have 2 boats, a jet ski, and 2 vehicles and no storage costs -or- one 1970's aircraft that I have to pay hangar fees and annual inspections on even when it doesn't move. That's the middle-class conundrum for me, personally. The value on a somewhat basic aircraft (even used) is a substantial outlay for middle-class individuals. To be honest, a $60K aircraft is half of what I paid for my house! It's just hard to justify that much money for a hobby, of which I have many. I could go out and find a ratty 172 for $30K and buzz around, but it's not much of a hauler or XC aircraft. Plenty of 2-seaters out there as well, but I'd plan on having children in the near future, so that makes it a hard sell to the wife.
I suppose if you're used to buying BMW/Mercedes vehicles at $50-60K a pop, maybe the aircraft purchase doesn't seem like much of a stretch.
I have been obsessively looking at purchasing a plane for the past 6 months. This admitted obsession is also why I have yet to purchase. In my opinion the plane itself is almost inconsequential compared to the hangaring, inspections, insurance, repairs, etc. You will get at least some of the cost of the plane back when/if you sell, however the other "incidentals" are gone forever.
Having said that, I have somehow managed to convince my wife that owning a plane would in some esoteric fashion outweigh the crazy costs, so she is on board. In fact, she texts me several Trade-a-Plane, Barnstormers, etc. ads daily. Truly a keeper.