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This is an issue with any used car. Are you concerned here because 120K is low?
Why focus on an instrument-panel swap? Could be that; or a disassembly & rollback; or an odometer broken and unrepaired for some time.
I personally don't rely on Carfax. Many states have a title lookup via DMV and that can help.
I look at condition and the seller/ story/ history.
Condition's tricky though. My current driver is a 92 245 w/ 209K miles; previous car was an 90 245 with 292K. Both are nice but the 90 was nicer (one-owner 240 fanatic) than the 92 and both are much way better than the 1-owner 86 w/ 144K that I bought last year from folks in MI (whom I know) who don't think cars really need maintenance. It's a parts car that will never go back on the road.
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85-92 240s/ 245s - parts cars & drivers
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