I think one of the gotchas with that is that there are no “equivalent” no frills new vehicles to purchase. Until recently I drove a 91 Ranger (original MSRP apparently around $9600). Inflation-adjusted that comes to $20,627 in 2022. My only two complaints about it was that it was only 2WD and it had small wheels that were more difficult every year to find winter tires for. In the harsh Canadian prairie winter it would readily get stuck on flat ground. Otherwise it perfectly met all my needs.
In the end I replaced it with a 5 year old low mileage Tacoma, but paid close to twice what the Ranger’s inflation-adjusted MSRP was, and that was before the used car market went crazy. If I’d wanted to I could have probably resold it and made a $10k profit on it 6 months later. Do I love this truck? Definitely. Would I have been perfectly happy with a 4WD no-frills manual transmission truck and a $300 aftermarket deck with Bluetooth? Definitely, but it wasn’t an option.
In the end I replaced it with a 5 year old low mileage Tacoma, but paid close to twice what the Ranger’s inflation-adjusted MSRP was, and that was before the used car market went crazy. If I’d wanted to I could have probably resold it and made a $10k profit on it 6 months later. Do I love this truck? Definitely. Would I have been perfectly happy with a 4WD no-frills manual transmission truck and a $300 aftermarket deck with Bluetooth? Definitely, but it wasn’t an option.