I'll tell you about my car and see what you think.
eBay - 3500$ in 2002 (when these cars were more than that)
1989 v6 2.8L Auto, MPFI... good tires, rims, car had 97k on it. Connecticut (really really bad idea imo... sea water = rust). The paint looked good, showed signs of age, clear coat starting to get oxidation.
The car had a clear title, seller had good feedback. Transmission was strong, driver drove her good, engine was strong, driver didn't like taking it over 4k rpm. It was his daily driver & he was getting rid of it for a more "family friendly" vehicle (ie: kids). There were no dents or scratches from other cars or buggies, that type of things... no cracks on the ground effects or front end... air dam was there. Car was taken care of, except paint >.< and the crap in the air!
My step-dad bought this car for him (and later got a 2nd and 3rd vehicle... trucks), and it was given to me on my 18th birthday in 2003... but I didn't start driving it until Dec. 2005 (well I drove it, no liscense, not on insurance) so he drove it until they went back to Germany in Oct 2005... and I came back to Texas in Dec. 2005... and now I drive her everyday.
I haven't had anything major to repair besides the transmission... I was being stupid and liked to floor it and keep it floored from 0 to 80... needless to say the trans gave out after 4000 miles of that

so I had it rebuilt... only 400 in parts, which isn't bad at all.
The springs are old, same with struts and shocks... but I am getting those on my next paycheck... other than that, it needs a paintjob -- which i'll sand it down over the next couple of months while saving up for a descent paint job from a family member who owns a paint shop

I'll take off the rust my self and the paint and primer it as needed... while saving up and going to college.
just my
Besides the transmission.. only things that went out were the water pump ($?), electric rad fan ($30), tps ($50), and some vacuum lines had signs of wear... I replaced them... Also the hood and hatch lifts i replaced, they get old over time and don't hold it up.
I replaced the headliner material... it was only $7 in material... plus glue, which glue was expensive but the headliner looks awesome now (my sig has the crappy headliner if you can see it).
The A/C needs recharging, but I drive w/ the windows down... so it's ok, even in 105* Texas weather.
I also put in a new Pioneer stereo ($150), Pioneer 6x9's for the backseat replacement stocks ($70, 240w), Pioneer 4x6's for the dash replacement stocks ($45, 120w), and I'm getting a couple of subs and a box built in a few months... I have all of the tools and the time I need to properly do my own wooden box with all of the sound deadening I need as well, and all of that good stuff... I just need the cash
Oh yeah, I change the oil every 3k and filter, and I keep her gassed up above 1/4-1/5 of a tank... so I always have at least 3 gallons left in there (15.5 gallon tank).
I think that's about it... I'm going to replace the brakes soon... change out all of the lines, pads, calipers, bearings, rotors, all of that good stuff.
Oh yeah, she will go 120 MPH easily... and doesn't rattle/sway/have that weird stutter sound like most cars do after 80 mph... that vibration... I haven't taken her passed that because I don't have a track to go to... it is all on the highway... 55 MPH
