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Ken,
I STRONGLY echo Charley's comments. Frankly, there isn't much that could be wrong with a 164 that can't be fixed, so if you can get it for $500, buy it. '75 was a good year for the 164, as it came with a relatively maintenance-free electronic pointless distributor.
My recommendation is to buy the car, and get it towed to wherever you're going to work on it. In addition to what Charley suggested, I'd also recommend giving it a complete oil change, and you might as well go ahead and flush the radiator. Only then would I recommend giving it a start. Cars that have sat dormant for years can be rather severely damaged by "just tryin' to give it a go."
Let us know how it works out!
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74 164E auto -- looking to convert to manual M410
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