though I'd add the caveat that I'd expect to spend the same again on new tyres/brake blocks/cables in most cases...…...... Still a great price for a quality, if somewhat unfashionable bike.
Personally, I've had to replace very little on the majority of my secondhand purchases. Unless cables are frayed and in danger of breaking, I just lubricate them rather than replace. If the brake blocks generate enough friction to work effectively, I don't touch those either unless they are worn down low.
As regards replacing tyres, it depends on what I intend to use a bike for. If it's longer rides further from home, I fit puncture-resistant Schwalbes even if the tyres the bike came with were still serviceable. However the take-off don't get binned but get used for local trips on a hack bike. On an MTB, if the knobbly tyres hold air and appear structurally sound and not about to explode I just keep using them until they wear out. I see no benefit to replacing tyres that still have wear life in them if I'm only using them primarily for gravel/dirt surfaces.
For me, I don't care much for modern cycling fashion, so I deliberately own and ride all the types of bikes that the mainstream cycling magazines and manufacturers will tell you are obsolete! The fact that the unfashionable status means many can be acquired for peanuts is a bonus. I've gone past the age where I care about fashion status in the eyes of others.