A few years ago (I wanna say the mid-eighties), someone figured out that if you crashed an airplane, EVERYONE who previously owned it as well as the manufacturer were potentially liable in civil court.

Since the manufacturers have the deepest pockets (in most cases) their insurance rates skyrocketed to cover the possibility of some bold pilot, at some point, possibly killing himself and whoever was unlucky enough to find themselves in his or her way. Not only did it make the prices much higher, it almost put Piper and Cessna (and others I'm sure) out of business.

I think a change in the rules eventually helped revive the market somewhat but unfortunately prices remained high.

To this day I regret declining an offer to go partners on a Cherokee 140 in 1982. They wanted 3 grand for a third of the 10 year old A/C. Today that wouldn't buy you an annual....

Hope this offers some insight.