I am in the process of searching for a winter car so my Miata can hibernate over the winter. I found fully loaded `86 Volvo 760 on autotrader that is 1 state away (I have a friend somewhat closeby the Volvo). It has around 140,000 miles, is an automatic, has new tires, and is in pretty good condition. The owner said that the engine runs good and strong, but the car needs new front brake pads and a new carrier bearing. It's mine for $500 (the guy says it's worth $2900, but he just wants to get rid of it).

Now I know a lot about Japanese cars, especially sports cars, but I know nothing about Volvos. I have heard some good things about Volvos reliability-wise, but I have no idea if in buying this car, I'd be buying a $500 lawn ornament. A mechanic friend of mine warns me of expensive parts like starters and alternators, plus he says that the brake pads are probably expensive. I would like a second (or third, or fourth, etc.) opinion on this as I kinda need a car soon. I just don't want to spend a lot on this car as I'm very broke (high-school student).

If you guys can help me out, I would seriously appreciate it! Thanks!