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I'm in the middle of getting a 1974 142 running, but am only part of the way there. As such, I'm sure others here can offer more help, but I'll take a quick stab at it:
1) Regardless of who responds, it will take more details, given that the ad has no pictures of the actual car and isn't specific about the oil leak or the "almost no rust".
2) $3K sounds pretty crazy for just about anything, as far as I'm concerned, but who knows who this mechanic is. Even if it needs a new trans, a used one can be found - just a matter of searching and patience, as well as a question of how much you can do yourself.
3) The "runs, but not well" part is where I imagine the K-Jet fuel injection system comes in, but that could be anything from getting old gas and gunk out of the tank and a new fuel filter to replacing or repairing a fuel distributor, or several things in between. If you're lucky, the MFI is fine, and it's an ignition problem, or whatever. Again, there's so little info available, that it's hard to say.
4) What would your goal be for the car? Do you just want to get it to a reasonably reliable running condition (for now)?
5) In my brief experience, parts are not as common as those for 240s. 140s are less common and weren't in production for nearly as long as the 240. That being said, most simple mechanical items are available. The problems come in with certain MFI items (only on the 1974 140) and some interior and exterior bits. Upsides to those are that some early 240 MFI items are compatible. Also, I've found some VERY helpful people through this forum and who had parts!
I hope that helps at least a little bit. The key is to look at the car, as the ad doesn't give much away. $500 isn't particularly high or low for a car with problems...it just depends on what the problems turn out to be.
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