I've been into Pontiac for a while now, and a family friend has an 84 Trans Am that they are willing to sell me for cheap. It has the LG4 (needs to pass emissions still) and the 5-speed, and no rust. Problem is that it has sat for 7 years and has had an interesting history. The most "interesting" one to me is that the engine apparently caught on fire before! They had to replace the hood and apparently fixed it up after that. The clutch pedal was completely stuck but broke through with some pressure and it felt normal, along with the brakes, and the brake fluid reservoir has been open for a long time, which makes me concerned about the brake system - can the internals rust if it's been open this long? And it also needs new tires and a new rear wheel because it's cracked... and new front fascia.
Note that also it's lopsided on stands, didn't notice any body/frame damage from it, but could that be an issue?

I've had extensive experience in how expensive cars that have sat can be from my '84 Fiero that was in a very similar state that I've gotten running, driving, and road legal. I'm looking for an estimate on how expensive this might be and what it might need, as well as of course whether I should run away screaming, run towards it with money in my hand, or some combination of the two. I am looking to get it to the point where it can be a (for an 80s car) reliable car that I can drive and enjoy. Any advice from you guys would be greatly appreciated as I'm new to F-bodies. Thank you!

 

These cars are very much sought after by knight rider conversion guys. It has the right fenders, hood, trunk, tail lights, and wheel. If it's cheap enough you might simply flip it after giving it a good bath. As for making it a driver, maybe? I've had cars sit for a long time, 10+ years and been able to bring back the brakes etc easily. It's all luck. If you have the cash this would be a great restoration project. Never underestimate the value of a rust free core. Any 3rd gen with rust free bones and a clean title is worth something let alone with all those rare parts.
Funny thing, my 82 TA caught fire before I bought it too.

 

I'd say about $1k of parts and fluids plus whatever you want to spend on wheels and tires would probably get it road worthy again. Maybe less if you're lucky, maybe a bit more if you're not. I'd plan on replacing the majority of the brake system.

 

All mechanical repairs on a thirdgen are easy With the electric fan and the deep groove alty pulley,That engine is likely an L69 H.O. version.

 

However much you plan on spending, double it! Especially if you want to get this to a "driver" state. No t-top rust to worry about, but check the rear fender wells in the trunk and the front cowl drains for cancer, especially because of the debris on the car.

 

What wlink14 said !

These kinds of rescue missions quickly turn from talk of cubic inches to talk of cubic dollars, but if it ain't rotted all to Hell and your up for it, do it up nice

 

That ain't no plain old LG4 Trans Am. It's one of 7,051 L69 5.0L HO 5-speed Trans Ams made in 1984. If it's cheap, I'd buy it in a heartbeat!

 

I would save it. that engine bay will clean up pretty good and the thing is an L69 5spd car.