1992 240 Purchase question

[steelerman]

I'm considering buying a 1992, 240 5-speed for my son, who is a new driver. The car has 250,000 miles and the seller has all service records. His asking price is $2,500.
Should I talk him down and am I buying a money pit? I will need this car for 2-plus years, until he graduates from high school.

Thanks for all your help.

[markvt]

In my humble opinion, with a car that age and mileage, you are definitley going to be spending money. It's a good car, I have the exact year and model and it's been dependable, but things that old go wrong. If you are serious, I think the $2,500 is too much. I'd be curious to know what others on the site think.
In Vermont, 240's were cult cars for years. You could easily get twice the book price for a decent car and people looked at the high mileage cars as a status symbol....so they could be sold. It changed and for about 6-7 years the rage was all Jeeps. For the past 5 yrs. it;s been Subarus. So, I think the cult value has disapperared. I doubt the seller would be able to get more than $1,000-1,500. Around here people have those cars that are rusted out and give them away.

And, I don't care how good the car's reputation...Toyata, Honda, etc..with that age and mileage, an owner is going to spend money. I bet for $2,500 you could get a 60,000-70,000 mile Taurus which is at least an average car.
Just my opinion,
Mark L.