I'm probably not the guy to listen to, I have a bad habit of putting older bodies on those Dakota chassis and running the wheels off of them, but here is my opinion on the subject.
Money out of pocket, its cheaper to keep an old ride running then it is to replace it.
There are two different directions to go at that.
!) Just keep repairing it as the need arises. When something needs to be fixed, fix it to as good of condition as you can (this would include buying high quality replacement parts). The problem with going this direction is that it will seem like you are always dumping money into it. About every 4-5 months, you could drop $500 into it. I compare that to making a car payment every month, to see how I'm doing. Haven't lost yet over the course of a years time, but you may get that $500 repair for a couple months in a row, so you have to be ready for it. We have an 04 PT Cruiser that has been on this schedule for the last 10 years.
2) The other direction is to take the truck out of service, pull the cab and bed, and replace everything that can go wrong. Its costly up front ($3,000 -$4,000, or more depending on the trucks condition), and may be time consuming (if you can devote time to the project, it could be out of service for 6 months to a year depending on the truck's condition), but then you have something that is usually pretty much trouble free for about 5 years (there is always something that needs to be fixed, but its usually something simple like replacing a worn out part or a defective part).
Usually what ever I think I can skip repairing during the rebuild comes back and bites me. I tend to treat it like a new rod build. If I think something might quit working, break, or fail due to being worn out or due to old age, I replace or rebuild it. I replace wear parts on the suspension (ball joints, tie rod ends, idler arm, sway bar links, control arm bushings), I replace everything on the brakes (including hoses and hard lines, shoes, brake pads, calipers, wheel cylinders, return springs, drums and rotors, and all the fuel lines), motor (water pump, any questionable core plugs, belts & hoses, heater core, and radiator if at all questionable) & trans (seals and ATF fluid) parts, rear end(s) seals and noisy or rough bearings, drive shaft U joints, All of the rubber body mounts (and their bolts), patch up rusted stuff on the body or frame paint as needed (brush on paint is cheaper and has better coverage and adhesion), and buy new tires. New door and window seals, and a new driver's seat makes the ride a lot nicer. My 48 Plymouth coupe on a Dakota chasse had this done in 2012, we have driven the car 100,000 miles since it was 1st built in this way. In 2018 it went back in the shop for an update to fix things not done the 1st time. My 49 Dodge, on a Dakota 4x4 already has 15,000 miles since this was done to it in 2021. I just had to replace the water pump, guess what I skipped on the rebuild?
Yes, I rebuild the entire truck. If you can not do nearly all of the rebuild yourself, buy a different truck. Its probably not cost effective to pay someone to rebuild it for you.
There is a draw back. If you do the last option and the truck gets crashed out, you loose everything you have put into it. Its likely not a good investment to try to buy full coverage insurance to cover what it cost to rebuild an old truck, if it gets crashed, you will be fighting with your insurance company to get the $$$ coverage you paid for.
Just for the record, about the worst thing you can do to a car or truck is let it sit without using it. That does cause them to deteriorate faster.
pic or it didn't happen. The coupe on the Dakota chassis and the 49 Dodge truck on the Dakota 4x4 chassis.
