my 97 that lived most it's life in Wisconsin has way more rust than this truck based on the pictures and she's still chugging along. Even the axle housing isn't that bad. I would take a wire brush and knock off the loose rust then use krud kutter rust remover. Spray it down and let it soak for a few hours. You can then put a fresh coat of frame paint on the axle housing and it should be fine, that's what I did.

I do agree with others that you should poke around with a hammer/screwdriver to make sure the frame isn't rotting out anywhere.

My rockers were starting to rust and I cleaned them up and put bedliner on them. It looked great for a couple years but unfortunately, the rust was just getting worse under the bedliner. I wouldn't use bedliner if I was to do it again.

She obviously needs a little TLC but what truck doesn't that is 20 years old.

If the price is right, I believe this truck has lots of life left in it. Good luck either way!