Can you enjoy the truck "AS-IS", without fixing the rust? If you will enjoy it, then go for it.
Your friend is correct, it will cost you much more to fix that truck than to buy one in better condition. With that much rust it will eventually return to its present condition anyway.
To be safe, assume it will only be worth about scrap price when you want to sell it, regardless of how much you spend on repairs for it.
You might still spend another $2000 or more just to get it back into safe driving condition: tires; brakes; master cylinder; brake lines; battery; radiator boil, carburetor overhaul; fluids; and maybe a distributor overhaul are not unreasonable repairs for a 50 year old truck that has been sitting for six years. If the truck will do the job for you and it puts a smile on your face for a number of years, that's a small investment.
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
... [Read Article]
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