Doug
I like the way you think. My last purchase was a "beater" truck with a plow. (A plow is almost a must have where I live - middle of nowhere in upper MI.) I have about $4500 into it after doing the U-joints, body work, heater, plow repairs, brakes, tires, etc . If it lasts 5 years I will have less than a grand a year into it and it will still be worth something.
The damn things runs so well I use it as my daily driver during the winter, I even use it in the fall and spring when the roads up here are thick with mud.
I will never buy another new car unless I win the lottery. My health does not allow me to do as much as I used to, but one of my buddies up here is a backyard mechanic so we can get some of the work done inexpensively. Buying parts on line we can get them for 50-70% of the cost locally at retailers. So even the repairs I need to take to the local shop are less expensive as they are willing to let me supply the parts.
Not everyone can work on vehicles, or knows someone who can, so it is not a great plan for everyone. I must admit I miss the vehicles of the 60's. So simple to work on compared to today.
Don Verna