If 500 bucks is going to hurt you - then NO, it's not worth it.
Because you'll mostly likely be putting an easy $1000 into tie rods, wheel bearings, shocks, tires, exhaust, etc etc etc. just to make it road worthy. A clutch here, a starter there - you could be up to 2 grand before you know it.
Then you've get to drive around hoping the engine doesn't just give out.
Not to discourage you, but keeping an old vehicle alive is usually an all or nothing situation.
Either you rebuild it all once, or you keep your check book handy for the daily part replacements you'll be doing until you finally decide to sell it!
Of course, I speak from the northeast - land of caustic road salt. Not sure where you are - and judging from the fact that the fenders aren't all gone around the wheel wells, I'm assuming you're somewhere warmer.
So things could be a lot different where you are.
Either way - there's nothing saying that spending money like that on an old vehicle is a WASTE. It's not, if you enjoy driving it. As long as your expectations are reasonable and you know what you're getting into.
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Today's Featured Article - Identifying Tractor Noises - by Curtis Von Fange. Listening To Your Tractor : Part 3 - In this series we are continuing to learn the fine art of listening to our tractor in hopes of keeping it running longer. One particularly important facet is to hear and identify the particular noises that our
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