[tucsonjwt]

I think apples to apples comparison is in order. If you strip an old square down to the frame, then rebuild it totally from scratch, you likely will be well over $10K - even doing all of the work yourself, which is not likely for the average bear. This assumes that you replace everything that is worn out or marginal - which most parts will be after 30 years on the road. This would be a comparison between a brand new and "like new" old truck.
If you buy an old truck for $2-$5K and replace parts as they actually fail, then you are into $500-$1000+ per year in maintenance - but you have a fixed up old truck which will always need more repairs/restoration as the years go by. I am not saying buying an old square is bad, just that fixing one up is not the same as buying a new truck and taking care of it. Some are lucky and have old trucks that never need repairs - but not me. Financially, I still think new truck vs. old truck that is well restored and cared for is a wash at best. And as we have seen, your restored old truck will depreciate just like a new truck. Each to his or her own.