Nothing wrong with an older car (we've had/have several) but here are a few things to keep in mind:
Can you work on it yourself?
If not, do you have a mechanic that doesn't charge an arm and a leg?
Can you live with inconvienences(broken window motors, locks, etc) irritating noises, worn (but not worn out) suspension, and small leaks?
Do you have a backup ride, given the vehicle will need more repairs?
If you drive a lot, do you want to have to go through the process again in 5 years vs 7 or 8 for a slightly newer model?
Another member recently posted a thread on a failed old car experiment. IMO the biggest problem was that the member could not live with somewhat minor problems then had to pay a shop for the repairs. Owning an older car is like rafting down a river, you just go with the flow. As long as you are still moving, you will get where you are headed with a minimum of effort, start trying to go upstream (making it run/look like a new car) and you will waste a lot of effort (money) for not much gain.