My ironing board must be 40+ years old too. I know I bought it after we moved to So. Cal. 44 years ago. It has seen more use the past 5 years than the first 39. I have replaced the cover several times - and a few years ago my friend's DH made the large board to put on top of it. When mu DD moved out 10 years ago I insisted she have an iron and an ironing board. We got a fairly decent one at Target. My other DD said she has nothing she can iron but bought a steamer for her delicate fabrics.
I think I would go to the thrift stores first too - or maybe an estate sale or 2.