The local market is the local market...you can't do mucvh about that. Travelling further to get a better car will cost $$as well so it's a wash really. Still it's worth looking further afield, do a craigs search for the west coast wtc....it is also fun to go piuck up a car....little road trip adventure.
The real deal is the rust, everything else is easy enough to repair, and honmestly it's you first car buy low sell low learn something along the way. The trick to buying used cars is being patient and having the cash on hand for when someone wants to sell quick. I would keep looking as $2500-4000 for a 20+ yr old car is not my cuppa tea unless the rig is purrrrrfect...
Give you a point...my 220 cost me $1200 but it was 200 miles away, went down once to inspect, once to buy, the extra time was a pleasure gas maybe???for 800 miles of driving maybe $130 gas. Looked for 1 year for the right car. If you just want in, get a cheap known 240 and learn about the cars....rust will be your # ! problem.
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Patrick ('68 220, '92 Eurovan, '53 GMC PD4104)