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I just bought a '75 164 (USA) this summer -- a southern car, just a few (cosmetic) rust spots, but with a original sunroof and power windows (and automatic, A/C which still works, etc.). It's also a 49-state (or "federal") car, so it doesn't have a catalytic converter or an unleaded gas restrictor in the fuel filler (but it does have the air pump, which I plan to remove).
Most of the work required is the interior -- the leather upholstery hasn't held up to the test of time, but I'm planning to swap in 240 seats -- but the engine runs nicely and I expect it will run even better when I replace all the vacuum hoses, fuel injector seals (I may also have the injectors reconditioned).
I spent a couple of years looking for it -- I had bought a '73 164 new, and now, 30 years later, I felt nostalgic and wanted another, but decided the '75 was the only choice because of its many shared parts and compatibility with the 240's (making parts easier to come by). E.g., wheel offset is different from the '74 and earlier 164's and the same as the 240's, as are the seats.
The only trouble I'm having is with the front brakes (the rears share the same parts with the 240's), which are unique to this model and this year, as far as I know, so far!
BTW, I paid $1,000.
Good luck. You have to just keep looking, on the internet, in Hemmings, etc. Hang in there -- you'll find one.
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