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Howdy,
...what to look for when considering the purchase of a 1962 Volvo 122S.
This is totally dependent upon your reason for buying the car, your experience and ability, and the car. If the car is as described, that is, "rust free", it is probably worth putting some money into to make it run. How much are you willing to spend to make it happen?
...the car "does not run", but the engine turns over.
In and of itself, a non-running engine would not be a deal killer for me. A no start condition could be almost anything at all. Take a set of jumper cables and a compression gauge. If the compression is strong and even across all four cylinders, it will probably be worth the time and money. Don't try to start the car until after a deal is struck for obvious reasons.
Also it needs a new gas tank.
This may well be why it won't start.
...it would be much preferrable to have the B18B engine and a 12V system.
For a commuter or touring car, certainly so. But there is nothing wrong with keeping the car original. If it has a B16, get it running and see if it will work for your needs. You might be surprised by how much horsepower you simply do not need. If necessary, B18 engines are available and conversion to 12V is not rocket surgery. ;-)
...what questions I should be prepared to ask the current owner...
Do you know the history of this car?
How long since it was last registered?
How long since it last ran?
Do you know of any problems with the transmission, rear end, brakes, or wiring?
Is the title clean?
...what to look for when inspecting this car?
Rust is the main problem; everything else can be repaired or replaced. Rust requires cutting, welding, and sealing. The Amazons rust in the floors, along the tops of the fenders where they bolt to inner fender, behind the front mudflaps, around the headlights, along the seam between the fenders and grille panel, rear quarters, and trunk.
Really bad rust damages frame members. Replacement sheet metal is available for all these. But, the more you find the less the car is worth as a starting point. Really bad rust? Walk away (unless you want to part out the car).
Water leaks around the windshield and from the fresh air box are common.
If the doors don't close properly check for impact damage front and rear. Seemingly minor damage can grow into an involved repair requiring pulling the unibody back into correct shape.
Glass is not inexpensive. Allow for that.
Count on replacing all the rubber pieces on the car.
Missing trim pieces and upholstery can add up in a hurry.
None of this (except a rust bucket) should prevent you from buying "the" car you want.
--
Mr. Shannon DeWolfe -- I've taken to using mister because my name misleads folks on the WWW. I am a 53 year old fat man. ;-)
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