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If it has a CVT, run, don't walk. (A few Ions have them; a lot of Vues do, too.) The guy at the transmission shop told me they weren't rebuildable and are a $5-6K job.
Any car with 200k miles is very likely at the end of its life cycle, especially a GM vehicle.
On the other hand, your investment is $500 at a time that most running vehicles are commanding $1500-2000.
Personally, I would give it a test ride. If the ride feels OK and the car is not leaking fluids all over the place, I would go ahead and buy it.
Realize that when the engine or the transmission goes, you are ditching it.
ONE MORE THING. Please don't try to negotiate for the car when someone offers you a vehicle for $500. I was trying to sell an Olds Cutlass Ciera that drove well with 165k miles and a little rust for $500 cash ONLY. This guy says he wants it but gives me a list of things he wants reductions for. Another guy walks up and tells me he would give me $650 if I took him to the bank so he could withdraw the cash. Guess who got it?
i'd say have the car looked at, to make sure the suspension and rest of it is solid and safe. Heck if it runs decent and doesnt at least appear to be a money pit, $500 now for a old used car seems like a deal...
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