It may be hard to say. To be honest I'd never rent a 172 for 130 an hour. I don't care what kind of panel it has. Also, I rented that champ a good bit because I can fly it twice as long on the same money and made it affordable to just go up for an hour or something. $40 an hour is a lot, and at just $60 an hour if nothing else, the number seems a good bit smaller and is easier to justify. While I doubt the low prices brought in that many more people, I do think that the people who did rent them, rented them more.
Maybe so.
But when was the last time you heard somebody say, "Wow, these planes are cheap! I'm going to fly twice as much as I used to now!"? And actually follow through with such a statement, of course.
I don't understand the psychology of it, but it seems like people draw lines for what they're willing to pay and those lines are based more on feelings than logic.
It's like if somebody wanted to rent me a King Air for $400/hour. Part of me would say, "What a steal! Multi turbine time! I could take a bunch of friends to Vegas for the weekend for cheaper than the airlines!" But a bigger part of me would say, "Ehh, whatever. I don't need more time. Flying a King Air isn't that fun. I fly plenty of cool planes for free at work. I'd rather put the $400 towards skydiving, or a new computer, or a new car, or whatever."
My point with this is that $400/hour is insanely cheap for flying a King Air around. But I still don't feel like doing it.
Now, it's the same with you and the $130/hour 172. Your local rental place could probably drop the price to $100 and you still wouldn't fly it. Or they could raise the Champ to $65 or $70/hour and you'd probably still take it out. It's all based on the lines you've drawn in your own head, not necessarily what something is actually worth.
The reason I bring all this up is because I think it's harmful to the general aviation industry to be so focused on rental rates. It's a perpetual race to the bottom, the same thing we complain about when it comes to airlines not charging what the seats are worth, or paying their pilots lower and lower wages. Nobody wins during a race to the bottom. The consumer isn't happy because they *always* think it's too expensive, regardless of if it is or not, and the company isn't happy because they keep losing money by not charging enough.
In order to keep GA strong, the focus should be on setting rental rates at a sustainable level on the business end, all while giving pilots nice, fun, useful aircraft that they enjoy flying enough to keep doing it. Raise their expectations rather than lower the price in an effort to match their existing expectations.