As one of those old timers who bought my first "good" system in 1977, Technics SA-5460 receiver, Avid 103 speakers, Technics SL-1400 TT and Shure V15 III cartridge, it cost about $1000 and sounded pretty good back in the day. A grand adjusted for inflation today would be around $4100 and that can get you a vinyl based system that would kick the above vintage stuff to the curb.
Funny but many reminisce about the good old days and believe that some how the gear back then was better by sheer virtue of being vintage. This is turn is driving up prices of some restored vintage pieces to levels that exceeded what they originally cost. If they used that same money on quality modern gear, they would be amazed at what's available today.