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Afraid I'm guilty of a long post too...
I think Randy and Tony covered it pretty well. Personally, if I were looking at the car I would pay particular attention to all the car's seals. If the car has been sitting for 4 years chances are that things like caliper, fuel injector and other seals might have dried up and could go bad.
After doing a thorough evaluation of the car - even if it turns up nothing wrong - you might set aside some funds because inevitably something will turn up. Your call on this, but you can replace parts as preventive maintenance or you can probably just drive it as these cars generally run even if they need repairs...
The engine and drivetrain on these cars is bulletproof and about as good as they come. I bought my 1990 over 2 years ago with 164k on it. The engine runs strong, with no mechanical issues and burns no oil at 209K. Always starts first time and like Tony I haven't had any ECU issues. Runs like a top in all conditions since the day I bought it. Engine leaks, however can be a pain - change the flame trap immediately, but that is another story. I replaced leaky front seals when I did a timing belt at 200K. Been trying to track down another leak and recently replaced the valve cover gasket which seems to have cured most/all of the leak. Thought it was the rear main seal but seems okay now. Have a little more digging to do to make sure it's cured. Just replaced the tranny rear seal/bushing, no more leaks there and shifts like new!!! OTH - at 120K you probably won't have my 200k issues/problems. Again, change the flame trap look for details in the 700/900 FAQ in the pull down menu of the Features section of this page. Good reference too! Most applies to 240's as well.
These are durable, dependable cars and if properly maintained can run pretty much forever. I've heard of many 240's with over 400k on their original engines or even more!!!
If it checks out, for $1000 buy it. These are great cars!!!
Good luck,
Jim 1990 244DL 209K and going for 300K
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