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If you're at the point where you NEED A CAR now, buy it and drive it till it falls apart on you, but don't fix the rust because you could get a clean CRX or Civic Si for much less than the price you'd pay a body shop to fix the rust properly.
If you're just thinking of getting it as a fun car, don't, because cars that rusty have all sorts of problems. If it's as rusty as you make it out to be, the rear jack points are probably nearing the point of collapse if they haven't collapsed already. Once that happens it's a PITA to change a tire. Also, cars that rusty tend to be neglected by their owners (hell, I wouldn't care about keeping a rust bucket in fighting trim myself!) so you'll probably find mechanical problems pretty quick.
also remember that the rust you see isn't all there is to the problem. There's a bunch more rust hiding under the paint that will become visible later.
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