People who have never had an entire old car repainted to a nice level of quality will say "Gee I'll just buy a 5K rusty project car instead and then have it painted my way and be able to put a V8 in it and be less in than the slant car with the nice paint". Cept that won't happen at a reasonable price unless they:

1. Know how to fix dents & rust, and have a clean space to paint it,
2. Already have a V8 engine and transmission sitting there ready to go and are capable of doing the swap at home without paying for help.

It's an acceptable car for a guy with a spare V8 drivetrain looking for a home and wrenching ability who does not want to deal with a paint shop.
It also works for someone who does not want a speed demon, and does not want to have a car painted either.