Tom, I had the same doubts when I first decided to go shopping for a 172, but after drivng one, I was hooked and went up the next weekend to pick it up...havent looked back once...well maybe once cos I want a yellow one, but didnt see any for sale at the time.
ps. about them mods....I suggest you start saving mate...first its the stereo, then its the suspension...some tints, and the next thing you know youre selling your gran because you have to somehow pay for that 300bhp 172 with turbo, NOS, runs exclusively on jet fuel, and puts Ferarri 360s to shame