Did I mess up buying this rust bucket?

I will never forget the time I lost a spare tire out of my 1970 BMW. The entire spare tire well just gave up and dumped it in the middle of the road. Luckily I was in a small town, just pulled over and grabbed the tire and threw it back in the trunk.

You did good on this one, it looks solid!
A buddy had a Vega in HS that happened to.