Apologies if its taboo to make an update to something I posted this long ago, but just thought it would be interesting to give some closure to this since I'm currently in the research phase again. I ended up doing more research and after what people here said and talking to my flight instructor, I ended up getting a Cherokee 140. Flew it from RI to WA mid December, which was fun. Been delayed taking my checkride due to WA weather sucking, but I think I'm mostly ready.
Annual is racking up some fees, probably going to be far above average (in the 6-8k range, if not more, but we're running out of things to have break/need repair) due to old inspections missing things or "missing things" (mags were both overdue to be overhauled by 200 and 400 hours respectively, which was within the amount of the time plane was owned by the previous owner for several years) so we're replacing one with electronic ignition and overhauling the other. Luckily I overbudgeted when it came to stuff like that by a large margin, so it shouldn't really be putting us in the red too far if at all. I do think that getting the Cherokee was the right choice when it comes to the airframe, as its very forgiving and the one we got has very solid avionics which will make flying IFR much easier. Only concern right now is the climb performance being suboptimal due to me being a larger fella. At max gross on the flight back to WA, my instructor and I topped out at around 7500 DA (maximum, that was at around 10 fpm if not less, it refused to go higher) Hoping that some of the things we're fixing and looking at during the annual will help with that. Also plan to replace the wingtips and add flap seals to hopefully help with that.
Plan is to use the Cherokee up until I get my commercial, then soon after sell it and more than likely get a Mooney. Hopefully I can get the insurance for much cheaper and I'll be a more competent pilot. If I recall correctly, we were quoted at around $8000/yr insurance for a non PPL/PPL primary flier (me) with around 100 hrs at the time. I have family in Utah so not being able to easily fly through that region due to the very high terrain is unfortunate, still need to see how it does after the annual when it comes to climb. I don't remember exactly how much my insurance is on the Cherokee, but I believe its in the range of ~$2000/yr which is much more reasonable (at least compared to the alternative).
When it comes to if I even fit in a Mooney, luck has it that my mechanic actually is a co-owner of an M20C and he's offered to let me take a look at it when we have time one of these days. I'm doing what I can to help him out with the annual since its cheaper to have me pass him a wrench vs having him get up and grab it, even if its not by much. I'm also learning quite a bit about how these work.
TLDR: Got a Cherokee 140, not a Mooney, checkride delayed due to wx, hope to one day get a Mooney once insurance won't kill me and I'm more competent, and annual inspections are terrifying. Fly safe!