Allen - I am the textbook example. Paid $3500 cash for a 1988 765 with 1993 5.0 & AOD in it. Was the PO's DD for the previous two years and a I bought it after an hour picking over it and driving it to determine its viability. I drive a lot for my real estate job and the car needed to be reliable from the start as it would also become my DD with job and family duties.

I have ended up spending $$ in two major areas: 1) re-working the PO's initial efforts in wiring and cooling sysytem (never liked Converse's adapted Volvo radiator setup) plus replacing old worn-out Volvo & Ford bits in the process, and 2) hop-up parts for more performance and efficiency. So far I've spent another $6000+ (trans upgrade hurt) and there are still other issues for me to sort out.

Long story short: take your time looking for a well-sorted car at a reasonable price, anywhere from $6k (low-end) to $14k (high-end), depending on the level of hop-up equipment and completeness/correctness of the conversion. If you want to do the work yourself, and do it right (as you see it), Peter is right that the misc. $$ fund will need to be more like $3000 to start, so you from scatch budget is real close to the low-end already converted range.

For me, it is fun to have a unique car to make improvements to and still meet my DD and family needs. Fits my hobby niche pretty well, but then I have also come to realize that I'll never break even on the $$ I put into it. A fun, driveable money pit. Most all cars fit this description unless you get a great deal or buy the trendy japanese or euro sedan with V6, auto and solid resale value. Not my idea of fun. Good luck; keep us posted whatever you decide.

-Boozer
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88 760 wagon 5.0 & AOD