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In general, the 240 is a tough, simple car. There's very little on it that you won't be able to service yourself. You probably won't even need much in the way of extra tools, if you're already servicing your BMW with success.
Rust is the worst possibility, but this car's a bit new to have any trouble with it. Even here, where EVERYTHING rusts, my '88s are just starting to show the beginning signs. 15 years is pretty darn good in Connecticut winters.
The automatic is a 4-spd overdrive unit made by Aisin-Warner: it's a Japanese improvement on a Borg-Warner. They're strong and simple. This particular unit is an AW70. They do not have electronic controls, but they do have a relay and solenoid to activate 4th gear (overdrive). OD ought to be in use when you select Drive, and you turn it on or off with a button on the side of the shifter. If the light (an up arrow) is on all the time, it means the relay needs a little work. It should engage smoothly above 40 mph under normal driving. I personally prefer 5-speeds, but Volvo's automatic is decent and responds well to shifting manually. (I have 1 5-speed and 3 automatics, they followed me home.) The automatic is good for at least twice the mileage on the car now, and the engine should be good for 3X, over 300K anyway before major work.
As for scheduled maintenance, the regular items are a tuneup every 30K: plugs, cap rotor air filter. Regular 3K oil changes. Timing belt service every 50K (100K for 93+ 4-cylinder cars). It's not critical and it's not an interference engine- belts have been known to go 100K anyway, and they're only $22 from the dealer, much less aftermarket. Fuel filter -100K, usually also replace the timing belt tensioner and oil seals every other oil change. There are a couple of other little $5 services that should be done as needed but we can go over those items if you get the car.
Basically the car improved through the years, and a 92 is almost as new as you can find.
It would be worthwhile to get the car on a lift before purchase so you can evaluate a few things: engine oil leaks, transmission tailshaft leaks, pinion seal leaks, front end joints and bushings, and rear suspension bushings. Also lets you look at the exhaust and inspect the brakes so you know how much work to budget for.
Prices are generally cheap for most items- see www.fcpgroton.com for a good price list for typical maintenance items. About the only things that can cost serious money on this car are the Air Mass Meter ($300 new) and the heater fan ($75+ about 8 hours labor if you pay someone to do it).
Compare prices and if it's a reasonable price, get it! See www.bargainnews.com and www.theautowerkes.com for a comparison.
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Rob Bareiss, New London CT ::: '87 244DL/M47- 220K, 87 244DL- 230K, 88 744GLE- 198K, 91 244 180K, 88 244GL 145K
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