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That year 240 had the deteriorating wiring harness problem. I'd guess that some water got into the harness and shorted things out. I do not clean the engine on my daughter's '83 for that reason. You may have to replace the harness at some point if too many electrical problems happen.
You can spot crumbling insulation on the wire to the temperatire sensor, the wires to the starter, and the wires which run under the pulley area of the engine. Sometimes the wires to the grey plug at the firewall also show crumbling.
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