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Buying '94 100S - regular vs premium gas / what to check for

I am about to buy a '94 100S with 70,000miles on it.  I would appreciate some 
advice, please.

I see it is supposed to take premium gas.  Will it run on regular?  What's 
the downside of regular - for example, pinging, loss of power, fuel economy, 
engine damage?   

Any tips on things I should pay special attention to checking before I buy 
one of these?


David Womby
Portsmouth, NH