Why not??
There are a lot of these running around with bad engines and bad trannies.
For $500 I would still check the little things...How is the top condition?, Tires?
How complete and cared for does it look?
As a rule, if I buy a car with a "blown head gasket" I price it as if I will need to replace the engine. If you cannot see something actually operate, assume it is broken and needs replacing.
Do you have the facilities to replace a head gasket?..pull an engine?..store a car
while it is getting worked on?
If this is something you want to do, 500 is not a bad price!
That s what I paid for a 91 vert..2.3, no Overdrive, faded red drivers seat and peeling paint on drivers door trim. Other than those problems the car is perfect..non-smoker, garage kept, maintainence records. Currently putting a t5 in it!
Bruce (TX)