To buy or not to buy...

My buddy just bought a new car and is selling his old one. It's a 2001 Grand Am SE 4cyl 4-door. I'm really considering buying it, here's the break down of the pros and cons.

Cons...
-Doesn't start. Cranks, just won't turn over. His mechanic said the head gasket is blown and getting low compression
-Needs new O2 sensor
-Coolant leaks somewhere by the firewall (thinking heater hose)
-It's a Pontiac ;)
-125,000 miles on
-Minor flaws
-Broken glove box (thanks to cops)

Pros...
-Oil changed every 3000. I know this for a fact.
-Body is in decent shape. Needs new front bumper.
-$250.00
-Runs great when it worked (know that for a fact)
-Says tranny shift fine each time no problem.
-Did I mention $250.00?
-Has title
-New battery (couple thousand miles)
-New tires (1000 miles)

So I'm thinking of picking it up, dropping a grand in the head gasket, timing belt and components, and fixing up the inside a little and making it a decent DD for the winter, and when I need an extra car. For $250.00, you can't go wrong. My car port only fits one car, so I would need to park it on the street (where I can't see it). Would keep totally stock, just add an alarm. And not exactly sure where I would be able to fix it.

I'm calling my insurance tomorrow and seeing how much another car would be. I need to make a decision by Friday or it's getting crushed at junk yard.

What do you guys think?

Oh I forgot, ABS and brake lights are on too.

If you can't get it running then just take it to the scrap yard yourself and get your money back. lol

lol cash for clunkers program?

The C.A.R.S program only works if the car has been registered in your name for 6 or 12 months. Can't remember which. And has to get 18 MPG or less. I tried with my car for fun and supposedly it gets 20 MPG.