First I would like to say that I know absolutely nothing about cars, except the fact that I love Chevy's! I'm looking to buy this 86 Caprice and want to restore it but before I get ripped by a mechanic I would like some advice/suggestions.

Cars Specs: umm, 182,000 miles, V8 305 engine, thats about all I know. It has a new battery and new belts and hoses, whatever that is.
The person is asking $650.

My questions: I want to put in a new engine (I don't know if I need it but I'm thinking this is an important part of a car so why not get a new one), and a new transmission (see parenthesis above). What should I do to increase the lifespan of this car? I want to redo whatever is under the hood first before I get into the cosmetics. Unfortunantly I don't know where to start. I'll post pics of the project stages. Any help would be appreciated!