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Couple things about that year and model.
I drive a 1986 244GL, bought in 1999 for $1800. no major stuff, A/C didn't wrk when I got it. No surprises.
What I checked for:
NO RUST anywhere.
Engine and tranny were smooth.
Interior looked OK, and whatever was wrong I could fix from my parts car (s).
WIRING HARNESS had been re-furbished.
Right side motor mount checked out OK.
Found repair papers showing new front suspension parts.
So what can you expect?
The main wiring harness is the bane of owners of 240s from 1983 to 1988. They have crumbling insulation and that causes all sorts of weird things to happen.
Check it by looking at the large gray wire connector mounted on the firewall behing the intake manifold. If you see bad insulation, that might not kill the deal but you should get a lower price. Harnesses are available, many through a BrickBoard member. Replacement is a DIY job.
Look also at the wires near the back of the alternator (lower right side of engine). There are three wires easily seen, a fat red one, a thin red one, and a thin black one. The fat one usually is OK, the thin ones loose insulation. Again, not necessarity a deal killer.
Major money can go into re-doing front and rear suspension. Usually needed by 150,000 miles, maybe more. Far, far less money if you are able to do the work yourself.
Trans leaks. The post re: tailshaft bushing is a good post. Check the color of the leaked fluid. If not ATF, it is a rear crankshaft main seal leak. Often that leak can be reduced to almost nil by thoroughly cleaning the positive crankcase ventilation (PCV) system. Same leak situation goes for the three seals on the front of the block. Front seal repair is an easy DIY job.
Run the heater/ a-c air fan. All four speeds. Any noises? checking for failing blower motor. With the fan in speed #4, turn off the key and listen for sounds as the fan spins down. Blower motor replacement is a huge DIY job. Many have done it, BTDT x 3 myself. 4 to 6 hours work to replace $80 parts.
Other things to look at:
With the engine cool, put your hand around the oil filter to see how close it is to the right side motor mount. If it's a close fit, be ready to do a motor/tranny mount job SOON. It is a DIY job, dirty but cheap.
Pull the oil filler cap. (1) Scrape the inside of it looking for a considerable amount of sludge. This will give you an idea of the oil change frequency and the general level of maintenance.
(2) Replace the oil cap but leave it unlocked. Start the engine and let it idle. Using a light touch, lift off the oil cap, see if you can detect a small vacuum trying to pull the oil cap back down. Yes = PCV system likely OK. No = PCV system will need work soon. Such work is cheap and DIY.
Look for rust - under the tail lights inside the trunk, look under the carpet.
Under the carpet in the driver and front passenger footwells. Try to get a look under the car, on a lift if possible.
Good Luck with the car, and welcome to the Brickboard.
Bob
:>)
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