looking at repo car

Its a 2000 V8, Black on Black, Sport Package,around 80k miles. Its a repo and has had some rough use. It runs bad and I hope to drive it tomorrow to see just how bad. From what Ive read the car probably has the leaking valve cover gasket onto the coil syndrome. Bank thinks it might be a head gasket but I don't see any symptoms. It smells of oil on the exhaust. Tire was flat today but will test drive tomorrow. Both rear tires are bald. This car has done some burn outs. Paint is covered in dust but it looks glossy, but I think it has the orange peel texture like a mitsubishi. Not sure its factory. That got me to looking. I can't find any paint lines and the panels all line up nice and doors shut and look good, but I did find something odd. In the rear door jams, up high at the back near the weather striping area on the roof area closet to the back window, there are grind marks under the paint, and some jitter bug sand marks in the same area. The other side is similar but not obvious. Either Lincoln did sloppy work or the roof has been replaced or the back clip has. As anyone noticed grind marks at the aft upper rear door jams on their cars? Does the original paint finish on these cars have orange peel? Carfax is clean for what ever thats worth. If the transmission passes the smell test what would be a fair offer for this car. Interior is not too bad. AC maybe borderline...
Should I try to buy it dirt cheap or move on?

It's got collision damage all right, likely a rear end collision that required replacing both quarters, or possibly a roll-over.
IMHO stay away, unless you can afford 5 to 10 large to fix any and all potential problems. Sure it may be less to repair, but can you afford the worst possible scenario?

[QUOTE=lookingforls]Its a 2000 V8, Black on Black, Sport Package,around 80k miles. Its a repo and has had some rough use. It runs bad and I hope to drive it tomorrow to see just how bad. From what Ive read the car probably has the leaking valve cover gasket onto the coil syndrome. Bank thinks it might be a head gasket but I don't see any symptoms. It smells of oil on the exhaust.

I second the idea of moving on. I've seen some 2000 LS8's around here with around 70k miles going for $12k from private sellers.

If the valve cover gasket is leaking onto the coils, that will cause misfiring and the engine to run rough, but will not cause oil to get into the cylinders, causing the exhaust to smell of oil. The oil will cause the coil to short to the head instead of firing the spark plug, so affected cylinders will not fire, but that oil will not seep past the spark plugs into the combustion chamber. Unless of course the plug is loose or the broken, but that would be quite rare. The bank may be correct. If you are seriously thinking about buying this car, pay a reputable shop to check it out ahead of time.

From your description, the car has not been maintained well. A well maintained car may go 200,000 miles before needing major service. The same car with little or no maintenance may be lucky to go 60,000 miles before needing similar service.

-Rod

Exhaust seems clean. No white smoke or blue smoke. I meant that you could smell oil hitting the exhuast manifolds under the hood. Temperature stays cool too. The bank wants around 7k but I dont think they will have any takers. If I could get the car for 4k it may work out. ...but I still have to test drive it and get it checked out. I guess I'm asking, if it passes the smell test and could be had for 4k would it be worth the gamble.