Couple of other things that may be a factor, some of which is just what I have heard from other people.
Supposedly the 707 has/had corrosion problems in the wing/fuselage juncture from what I have been told. Additionally I have heard that they had a finite airframe time. This is kind of interesting as there is a parts commonality of 90%
between the 727 and the 707. I dont think that the 727 was effected with the same problems.
The 707's for the most part were never outfitted with hush kits. Stage II was the best that they could do so after Stage II was phased out in most parts of the world 707's were relegated to operating in remote parts of the world (Africa). I did see at one point in time a project to hush kit a 707 in SAT.
The 707 was/is not that efficent. Told a story by a guy that was servicing them in South America that he was fueling a DC-8 & a 707 both bound for MIA. The 707 took 120,000 pounds of fuel and the DC-8 95,000. The DC-8 had about 4 more positions (cargo containers) for cargo. An interesting comparision.
The DC-8 (Diesel Eight) was stretched and the Sixty & Seventy series aircraft are "heavies" w/ MGTOW in excess of 300,000 #.
The Seventy series were re-engined with CFM-56's. They really are great & the aircraft just scoots with those engines and they are very fuel efficent.
The 'eight is built like a brick sh*thouse and from my understanding is not life limited. There are aircraft out there well in excess of 100,000 hours on the airframe. That's over 11 years of time airborne.
Take Care, Good Luck & Fly Safe!