I am currently in the same situation and have decided to buy. I am actually in a club now that is an EXCELLENT club, but it doesn't meet my needs. We have 3 aircraft, going on a 4th very soon. We have 30 members. Price is $1000 buy in (equity club), hourly price is around $120 wet, monthly dues are 120. First .2 hours of each rental are credited back. We have a 172, an Archer, an Arrow, and we are getting another Archer. We have not time restrictions on how many days we can have the plane out and no daily minimums for overnights. Overall, probably one of the best deals in terms of a club.
Here are the reasons it doesn't work for me:
I've been told to expect some maintenance every 10 hours of flight time from another owner. Whether this is true or not I don't know, but I can tell you that our planes are constantly down for some little maintenance item that takes 1 hour to fix, but 4 days to get the part. We put 10 hours on these planes every few days.
My primary mission is to travel 250+ NM. Well if I have to contend with weather, maintenance (planned and unplanned), and 30 club members, it doesn't become realistic that I can comfortably rely on flying on these trips. Also, even though I can take the plane out for a week, doesn't mean I wouldn't feel guilty doing so. If I only wanted to go fly in circles in the metro area, it probably wouldn't matter.
Similar reason as above, we want to take some longer trips 500+ NM. I won't do it in a 100kt or even a 120kt plane. I'm landlocked in Missouri. Nearest beach is Destin, FL. I could get there in a Mooney in the time it would take me to fly a 172 halfway through Arkansas. Owning in this case makes the following conversation a possibility (in Missouri) "Weather looks nice, want to go to the beach today and come back tomorrow?"
I abhor spending large sums of money. I wouldn't do it on a car. I even hate doing it on a house, but if this is your passion, it may be something you can justify to yourself.
If it helps, here is a Google Sheet I put together with two tabs. First tab is all the purchase related costs I could drum up. Change only cells in green. Second tab is my notes in recent conversations (last 2 weeks) with 6 lenders (hint: Dorr Aviation has the best deal right now and I found out in talking with Jimmy Garrison yesterday thats who they use).
https://docs.google.com/spreadsheets/d/1H9PRIAo2EM9TbLFximREahscxit4wGy7Ppl8eR2NOmc/copy