You need to be more specific with what you're asking. Are you talking about the actual underside of the car, like the part you can't see unless you put the car on a lift? Or are you talking about the body panels near the bottom of the car?
If you're talking about rust on the undercarriage, you can remove that by sanding or using a wirebrush, and then I'd suggest spraying it with some kind of undercoating. Honestly though, any older car that's in an area that has harsh winters is going to have some rust on the undercarriage. If it's just surface rust, like no holes rotted in it or anything I wouldn't worry about it much since you can't even see it anyway.
Now if you're talking about rust on the actual painted bodypanels, then yeah, that's gonna be an expensive fix, quite possibly more than the worth of the car. If it has bad body rust, and that bothers you, then you might want to consider looking for a car with a cleaner chassis.