If you're trying to equate buying a 50 year old car with a few issues like the steering box and starter motor being faulty, with getting 'ripped off'....you sir are in the wrong hobby.
These cars have passed their prime, and as such require more maintenance and repair than a brand new car.... I would say that you got a decent deal. No major rust to deal with, I assume the title is good....another trap for the unwary.
Most guys here would jump at a chance to buy a car with as little wrong as your one has for the money. I know I would rather buy a '69 RR with steering box and starter issues, than one riddled with rust.