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I would tell him the truth. The truck is not what he said it would become, and you think it's overpriced. You would love to pay him as agreed, but you want what was promised. You're not going back on your word, he is.
If he disagrees, tell him to sell it privately and if he's right he will get his asking price.
If he agrees, offer him a fair price, but he's free to sell it elsewhere on his own.
You never had a real agreement, because the required work was pending.
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"A machine you build yourself is a vote for a different way of life. There are things you have to earn with your hands."
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