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Unless that truck is "the one" for you, because your dad got laid in it 50 years ago or you have exactly the missing parts for it in the barn, the line of action is to make a decent but not too high offer and wait for him to get tired of tire kickers who waste his time. It may not work every time, but it will work eventually. Buy the truck for the amount of money, that allows you to finish it at $10 per hour, plus parts invested, and sell it at a profit when you're done.
Assuming you could sell the finished truck for $12K, deduct $2,500 profit, which leaves you with $9,500 total investment, and deduct from this parts purchases and your hours times $10. That's your number to pay for the thing.