I thought I'd put this out there and find out what my fellow hambers thought. 1965 Pontiac Tempest four door with original V8 and auto. Runs/drives. Only rust is in rear valance. Purchase price includes replacement valance. Interior is complete except for carpet. The guy is asking $1000 for it and all the parts that he's collected over the years. Is it worth it to weld in the new valance and drive it daily? I need another car like I need another hole in the head. The car is nothing special but it beats driving a [generic new sedan].
If you're just going to give it a quickie repaint and drive it, I'd say it's well worth it. If you have it awhile and decide it's not for you, or if something expensive breaks, you can always part it out to the GTO guys, you'll make a tidy profit on it. A factory AM/FM radio out of that car brings close to a grand by itself. These often look good on the top side but have bad framerail rust. I had a '64 Tempest 4 door that didn't look bad at all but underneath it was terrible, ended up parting it out. The places where they rust out are in the rear framerail kickups, and the frame farther forward, just underneath the front door pillar, right behind the front wheelwell. That's ths spot where a lot of people don't look or notice. If the frame is rotten, it's a parts car. You'd make money on it for a grand but if you're not shopping for a parts car be sure to check the frame out good.
If you gotta ask, you dont want it. And five years from now you'll be kicking yourself you didn't buy it... And if you do buy it, five years from now you'll be kicking yourself that you did...