Paid $5k for my 86 with 132500 miles on it, knowing it needed some work. $2500 later, it seems fine, though I'm always piddling with it anyway. The paint was fine, though the rear bumper was warped (seems a common problem) and there was some underside damage to the floor pan on the passenger side (bad jack job by someone). When I first bought the car, I had to replace:
Clutch, slave cylinder, throwout bearing, pivot ball and fork, freeze plugs (ugh!), parking brake assembly (double ugh!), water pump (did timing chain and gears at same time), spark plugs, wires, knock sensor (and connector), alternator (about a month after buying it), shocks, some light bulbs, and some interior pieces (off eBay, cheap). Did some of the work myself, paid a good mechanic to do the rest (for $50, he also looked the car over before I bought it and gave me a really good idea of what it needed).
The car has not been babied, though the last two owners (for about 80k of its life) were weekend-only older drivers who didn't abuse it.
So far, I'm happy. Want more HP (actually, torque), but who doesn't?
[RICHR]