Well I'm going to take a look at it this weekend. I was also planning a mild restoration anyway to original '83 specs. I'm planning on getting this car and have people tracking down a original dash. Also found original headlights if I can't take that yellow out. About the engine, I've heard these things are good for 200,000+ miles with appropriate maintenance. The engine is really the only thing concerning me.
The engines are pretty bullet proof, the mileage it has shouldn't be a problem. However I will type up a check list for you:
Check the VIN plate (right rear of engine bay) and the VIN number stamped in the bulkhead. The VIN plate rivets should be flat and the stamped number should be in smooth metal with no signs of welding either side of the bulkhead - lift the water shield to check the back.
Walk around the car and eyeball everything visible from the outside. Don't be afraid to use your finger on the paintwork - sometimes things that cannot be seen properly can be felt easily.
Open the bonnet and look around the engine compartment, pull the dipstick and feel the oil.
The smaller container (Clutch Fluid reservoir) on the right of the car under the windscreen wipers is always cracked but unless it's leaking then don't worry about it.
Check under the car for leaks and that the undertrays are in place on the left and right at the front.
Check along the fuel lines, paying special attention to where they pass through rubber mounting bushes at the back of the engine bay. They should be metal all the way. Then open the boot and check for water - especially under the carpet on the right - dirt and the spare tyre and toolkit. If a CD changer is fitted, has it blocked the sunroof storage slot?
While walking round, check trim, glass and panel fit. Feel the brake discs' ridges and gouges.
Open the doors and check the entry sills and lower door edges for rust or repairs, while looking over the rubber seals. Sit in both seats and check trim, seatbelts, seat runners and seat folding catch. Move your shoulders sideways and listen for squeaks in the top of the seat back - the welds sometimes crack. Check the handbrake.
From the driver's seat, touch and operate all the cabin controls and gadgets. Central locking, power windows, sunroof and boot catch. Check for leaks by feeling the carpets in all four corners. Test pedal pressure for brakes and pedal movement for clutch, listening for strange sounds. Reach up above the back of the brake pedal and feel for clutch fluid leaks. Go through the gears at rest to check shifter linkages.
Switch the ignition on and check that the proper number of warning lights illuminate - unscrupulous sellers have been known to take out bulbs warning of thousands worth of repairs.
Then check the gadgets that only work with the ignition on - lights high and low beam, dash lights and adjustment, wipers, heater, heated seats, a/c if fitted and radio. The fuel pump should NOT run.
Have the owner start the car (then it's his problem if the cambelt snaps on a stored car) while you watch the exhaust pipe. Listen to the engine warming up from cold and check the idle speeds. Tappet rattle that goes away in a few minutes is not a problem. Listen especially for exhaust leaks and ticking from manifold cracks. This can be a difficult area - it has been known for unscrupulous owners faced with the significant cost of an exhaust manifold replacement to weld up the cracks and sell the car - only removing the right headlight and accordion hose will let you inspect the sites where welding may have been done. A good large screwdriver can be used as a stethoscope to list for engine noises - use it on the distributor shaft as well.
Let the engine warm up until the radiator fan runs, listening for changes to the engine and then do a slow test drive in the parking lot and local streets and then around the owner's town. This will include a moving test of the differential locks. To engage the diff locks you must be moving slowly and the best place to test them is on a lose gravel surface, steer full lock and drive slowly around in a circle, you should hear the wheels on one side of the car slipping (which side will depend on the direction you are driving in the circle) and the drive train should feel 'Solid'.
Do the speedometer and trip computer work? Rear window defroster? Strange noises on bumps? Taut and firm, or loose and sloppy? Power steering feel and sound? Alternator belt squeal with full electric load? Try starting and stopping and run through the gears - check out the feel of the clutch, brakes and accelerator systems, and the steering and suspension. Push the ABS switch and check the warning light comes on. Switch the ABS back on and check the light goes out again. Once the car is warm the a/c and blower can be tested properly.
When back from the test drive, pull on the handbrake - check the warning light comes on - and see if the clutch slips against it before shutting down. Keep the engine running, and get out of the car with the handbrake on. Turn the front wheels onto full lock to see the wear pattern.
If the test drive indicated sloppy shocks/suspension, bounce the corners and wiggle each wheel for play. Examine tyre treads for depth, feathering, cupping, unusual wear at edges or in center. Front and rear. Feel temperature of tyres and wheels for heat due to dragging brakes.
If you're still serious, drive the car for another half hour at higher speeds, checking passing systems and wander tendencies. Watch the gauges for under/over heating, and check both the horn and the audio system. Accelerate hard from 35 mph in third gear at least once. Stop somewhere for ten minutes on a clean surface and check underneath for leaks. Look at both differentials. Water dripping from an air conditioning evaporator is normal. Turn the steering wheel onto left full lock and look behind the front right wheel at the oil cooler lines.
Although this list might seem a bit long, it should stop you buying a complete Lemon!
Good Luck!