I have looked at this too and own a Pitts S1S.
The Yac 55M has better power to weight ratio and may out performe a stock S1S, but cost much more to purchase and operate.
I feel the S1S is the most bang for the buck is aerobatics.
The 55M cost less (to purchase) than an MX2 or Edge 540.
How much do you want to spend?
Be very cautious buying into the Yak community. Parts are becoming a bit of an issue and since there is not a ton of -55's, you may run into worse issues. The Russians have a firm grasp on capitalism and are raping the west for parts. For example, a new main bottle will run you around $500.00. An air compressor...about $800.00. Two blade props are about 5K. Then there is the fuel burn issue. If you are out playing, you will see over 20GPH. If you do buy one, get the spark plug mod..way cheaper to replace and makes then thing run better...smoother. $2.50 per plug versus about $25.00.
Honestly...Yaks are a GREAT product..they are wonderful airplanes. If there were an unlimited supply of parts, I would go Yak without a doubt. But not having that, I would go Pitts...and it really pains me to say that.
Have someone who knows Yaks inspect the thing. They will KNOW what to look for. As for insurance, go with Tom Johnson at Airpower...he is a Yak-50 owner and a great friend to the community.
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