An airplane is definitely a different kind of machinery when compared to an auto or a boat. If there is some sort of incident, it is too late to learn about the critical nature of these little books. Ignorance of the law is no excuse. You can be sure that the FAA will examine the logs with a magnifying glass if you should be unfortunate enough to have an accident or incident. Don't "lose" them either... the FAA has ways to make you wish you had them. Besides having an independent inspection of an airplane that you are thinking of buying, have the log books inspected also. Make sure all the ADs and service bulletins are completed. Your safety and your financial well being demands that the paperwork be done. The lack of logs or incomplete logs will make you an easy mark for a lawyer looking to deprive you of all your assets

Another point you must keep in mind... You are not just buying hardware... You are locking yourself into the FAA system of issuing ADs and the manufacturer's system of issuing service bulletins. You don't have much control. Do you know about the new AD regarding the crankshafts on Lycoming engines? How about the replacement of an air melt crankshaft with a VAR crankshaft on the Continental engine? Do you know Lycoming is auctioning off their manufacturing equipment? What's all this about a single venturi in the carb? As strange as it may seem, all these things affect your airplane purchase!