I was in a similar stuation a few weeks ago, when I was considering a few used H options. I too have little ones, 4 and 8.
I have never owned a 16, (I did have a 14T once) but have researched it, gathered opinions from this forum, and came to the conclusion that the Wave is the perfect boat for me.
Consider this: The Wave has more trampoline area, no boom, (safer for all, esp kiddos), much easier to transport ansd set-up (you could do it alone, not so easy w/ a 16), Wave is much easier to handle alone, easier to right if you capsize it. Plus, your kids can learn to sail it alone eventually.
I ended up buying new. Just don't see them used around here. I have had my Wave for about 2 weeks, and probably put about 15 hrs on it. I love it
. Very easy to sail, less high strung than my old H14T. I have yet to fly a hull, but have come close. My 8 yr old son is looking forward to that!