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Ready to buy 200tq

Hey Q Listers:

I've been lurking on the list for several monthes - thanks :) and have learned enough to be dangerous.  I'm evaluating a 200tq for purchase and have a few 
questions. Any direction or assistance would be greatly appreciated.  I hope someone will take the time to respond to a newbie in need of sage wisdom ( or a 
reasonable facsimile).

The 200 is local.  The owner is the 2nd. He has the phone number of the first.  I have every reason to believe that all maintenance was performed by the 
first owner. The second owner seems as though he was willing  to deal with most if not all major maintenance when due.  He has been very forthright about 
any issues he knows about and has not fixed.  I have not evaluated the maintenance records but the owner indicates they are available.

Year 1991
Model 200Tq

Mileage 122k 
Recent maintenance - timing belt at 90k, new brake master cylinder
New tires all round.

Mechanical inspection revealed the following:

Exhaust leak - has to be fixxed to pass the Virginia state inspection - Is an aftermarket exhaust worth the money for performance enhancement or longevity 
for this class, vintage, age vehicle:

Headlights - failed light emmission (how this is measured is beyond me - but the DOT headlamps failed- so it's pretty bad.)  Are the Euro headlight lense 
upgrades worth the cash?

Warped rotors on front brakes - these have been converted from the UFO style to conventional discs - Anyone know of good aftermarket solution for this 
issue - best braking bang for the buck?

Rear brake caliper hangs if parking brake is engaged - the fix is very expensive (at least the quote for the new rear left caliper was pretty high)  ideas???

Minor electrical gremlins - side marker light on passenger side needs new fittings, short somewhere in the main board behind the dash, (turn indicators stay 
on - airbag light aglow (even after recall dealer fix.)

Finally, and perhaps most importantly, How much useful fun can I expect to get out of this car (rigourous maintance will be done - of course) - is this car on 
the tail end of it's life, or should I buy the car, sink the extra $$ into it and enjoy the heck out of it for the forseeable future.

Thanks for the advice.


P. Dowker