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Steve:
My 86 turbo has 163K miles too. I bought it four years ago from a small local car lot. The body was (and is) still excellent and rust-free. It has a few cracks in the top of the dashboard, but that's minor.
1. I noticed a ticking sound about 2K miles ago. Turned out to be exhaust manifold gaskets.
2. I agree with the other postings regarding rust along the door seals and in the trunk.
3. Check for loose wheel bearings; these should have already been replaced, but jack up the wheels and wiggle them top and bottom for play.
4. Timing belts have about a 40K mile life. Don't want to break one and bend all your valves.
5. Heater cores tend to go about this time.
6. Make sure the catalytic converter isn't plugged. That can be a source of lost power.
7. I use 93 octane religiously. We can't get 91 around Chicago-our choices are 87, 89 and 93.
8. You might pull the intercooler to see if it has any oil. Loosen the two big hose clamps on either side and take off the top mounting brackets and it will lift right out. Take out the drain plug on the bottom (be careful, it's plastic). Setting it in the sun for a short time helps any oil drain faster.
Good luck and let us know what you find.
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Steve Arnold near Chicago, 1986 740 Turbo, 163K miles
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