Hi,
Seems like a good move.
The PA 38 Tomahawk is a light (1680 MTOW) two place powered by a sturdy and practically indestructible Lycoming 4 cylinder O-235. TBO is 2400 hours.
According to Vref, a well-known pricing reference, the average PA 38 flies 151 hours a year from the date of manufacture.
That means an average 1978 Tomahawk has over 6000 airframe hours by now.
Vref says average retail–mid time engine and average avionics–is selling from $24K for a 1978 one and $28K for a 1982 one.
Looking at some of the online sales sites, there’s rarely a PA 38 listed that falls into that window.
Things that increase the value and modern avionics, ADS-B Out equipment, no major damage history, and a low time engine that was rebuilt by Lycoming or a reputable rebuilder.
A lot of airplane prices are going up but Vref doesn’t reflect that for the PA 38.
I urge you to spend some time looking over the Piper Flyer website; there you’ll find many articles with good advice on buying an airplane, obtaining valuable records from the FAA and getting a good pre purchase inspection.
A piece of advice; unless a good friend has one that you know is in good shape, be patient. The right one will show up.
Good luck,
Steve