Expired Domain - New layout and content OR using their old content and layout?

Yes, I've been wondering about this.

Let's say you bought an expired domain or from GoDaddy auctions.

Is it better to use the old website layout and content to preserve its 'credibility' and create new content from there reviewing products or backlinking to your pages
OR
Re-create everything from scratch, 301 redirect 404 links to main page, then start from there?

I feel keep the layout almost same and keeping the old content will help much better.

No just create a new site and 301 innerpages with links, there is no need to recreate the site.

If you plan to use it for backlinking purposes then no need to recreate it imo.