Good deal for a 96 Metro Sedan?

Greetings to all my fellow Geo Enthusiasts!

I have first rights to buy a friends 96 Geo 4 door sedan.
Here are the details:
166K miles
4 Cyl motor
No rust
Needs a muffler
Small leak in transmission
lifter ticks in cold weather until motor warms up
Has new brakes in rear
body and interior in good shape (no rusty control arms)

He told me that it does burn about a quarter to half a quart of oil in between oil changes. He inherited the Geo when he married his wife. It was her car and had close to 100K on it when he took over. Since then he has faithfully changed the oil every 3K miles.

He is asking $1500 but is willing to negotiate. I know the prices have jumped since gas prices have gotten so high.

Any thoughts?

I would try to negotiate around $1000.00. Maybe less depending on overall condition. Do you know where the trans is leaking?

With that many miles, it will probably be due for new exhaust valves and head gasket kit along with a new timing belt and tensioner. If it's rust-free, it's worth it no matter what it needs. Take care of that trans leak before it becomes a problem. Take those issues into consideration and then negotiate a price. You may have to put some money into it to get it running tip top again, but it will pay you back in fuel savings.

I have around $1000.00 invested in mine and I would not sell it for the price you could buy it new if that tells you anything.

You don't say if this leaky transmission is a manual or automatic. To me that would be the entire story. An automatic with 166K is probably about to die and they're usually $2,000. Even with a good automatic, you're giving up ten mpg compared to a manual.

The oil burning isn't too bad, but probably points to a rebuild in the near future.

I went for a test drive yesterday.

The transmission is a manual and the leak looks to be coming from where the transmission meets the drive shaft. Looks like it could be a seal?

Thanks for all the input, now I just have to decide if I have time/desire to tackle the problems. 40mpg sure is tempting.....imagine what it could be once it is reconditioned!

Get it running right, drive reasonably, and expect 50 MPG easily!

Calculate all the miles you drive in one year with your present ride and then calculate that while getting let's say, 45 MPG and figure out what the payoff will be.