WWwwwAAAaa, congratulations, you just bought a $ 1,000 car with a new key on the chain.

My standard MO is to buy a $ 500 / 130,000 mile car with a bad trans / engine but decent body then do a major recondition ( like $ 3,000 + in parts ), end up with what is basically a 35,000 mile car then get another 150,000 miles out of it.

Original purchase price means nothing, if the car was on last legs and had previously served you well, I'd see balking at the cost of a key.