I guess the overhaul is roughly the same regardless of the year? There's a 1981 learjet that is roughly 600k and I see another one from 1994 at 700k. I guess you would just discount this as the airframe price?
so cool that somebody out there has done this.
But in general, older aircraft are safe. (For years, I flew a 1967 C182 piston single.)
Thirsty jets are selling at a discount in times when oil is expensive. Pre-COVID, you could buy an airworthy Cessna Citation for basically the value of the remaining time on the engines. They got to be worth more after that for a couple of reasons, but the cost of buying the airplane is not the last of your spending in the airplane world and especially not in the jet world.
I could easily afford to buy a clapped-out legacy Citation. I could not afford to feed and maintain a legacy Citation. It might be similar to horses in that regard, just with extra zeroes.
All the people I know who looked in the classifieds and bought themselves a supercar for peanuts then found they needed some small component replaced after a couple of thousand miles, which cost half as much as the car did.
Do make sure you look into operating costs (maintenance, insurance, fuel, etc -- and some of these are fixed costs even if the aircraft hardly flies at all) before you buy something!
The purchase price is just the start.
From a safety standpoint, age isn’t your problem - it’s whether the aircraft has been properly maintained.
As to price, they’re cheap because they 1) have meaningful deferred maintenance liabilities (inspections, engines) 2) have high variable operating costs (fuel inefficient) 3) need upgrades (avionics, interiors) 4) maintenance volatility (could be problem free or have a $300k issue tomorrow / no maintenance service plan)
You could be seeing such an airplane for sale.