I bought mine bone stock (Exhaust? Try paper air filter... =Þ) with 77k in March of 2001 for $9800 from the second owner. A board fell against it in the original owner's garage so there are two little chips on the driver's door, and regular wear and tear on the paint on the front. 50k later, I've done the tranny (the forward sprag went, still great otherwise), fuel pump, IC pump, ball joints, water pump, and alternator. Most of that I replaced on my S-10 too, and it's just normal worn out parts from being a 12 year old truck with almost 130k. I ran 13.8 through the stock intake and exhaust with a 1.9 60', and so far the only thing that's actually broken on me is the tranny, which wasn't even that bad...
Sometimes you can find a good truck with a few little problems for cheap, or you can spend a ton on one with huge upgrades and it still won't work right. With these trucks, asking price doesn't seem to indicate that much it seems...