Yes, there are some 'intangibles' with aircraft ownership that don't show up on the financial ledger when comparing to rental costs.

Come to Oshkosh next week, plenty of happy owners who would be considered 'under water' when it comes to equity.

The main issues is cash flow with other, more essential expenses. We all spend $$ in areas where the next may question the motivations.

That all said I'm on my 3rd airplane, as sole owner.