If you need an engine, then $4500, is going to be the cost of a rebuilt engine, and you still have to R&R (remove and reinstall) the engine. If it needs a transmission, you better budget $1500 - $2000 for that. Brakes $1000... Tires $600. Blown or cracked exhaust manifolds...?????? Front end & suspension work??? And the list can go on, and on, and on.
Good insight!
For what it is worth, and it may not be worth much, the seller reported that the vehicle was recently in service. He said that it was recently used by a funeral home until the over heating event occurred...He said that the mechanical systems, such as the brakes, transmission, interior/exterior lights etc...are in good working order...If the seller is honest, then the only issue is the engine...He stated that the engine over heated related to a loss of oil because of a failure to put the engine oil cap on (I am not sure of the probability of that happening...any ideas?)...He said that he had a head replaced, and that the vehicle starts, runs and drives...he said that he has taken it on surface streets, but not on the expressway...
Anyway, I have seen vehicles in much worse shape sell for as much or more...If all is as stated, and
it would have to be confirmed by an inspection, this one seems only an engine away from a pretty solid vehicle...A straight RR of an engine is pretty simple work...fun for a couple of guys to do in a couple of weekends....
That said, $4500 is not that much money....it seems like a pretty small amount for a coach with a good body and interior...It does not get much less than that. I don't know...I am not an 'old guy'; maybe my idea of what is a lot of money for a car is different than someone who can remember when they sold for that much brand new. I have paid $1200 for a set of high performance tires...I have paid $750 for a custom exhaust...to buy an entire platform in the apparent condition of the one in question, does not seem like a bad deal even if an engine swap was in order.
The point of having a mechanic inspect it first is sound and always a good idea...Eyes open.....I have had vehicles inspected and have been told to run screaming. I have had vehicles inspected and was given a green light. I have also purchased vehicles that were in need of complete restoration, inside and out...it is all about what one's goals are.
The seller has another that seems nice too (1965?)...it is a bit more, and he reports that it is in good shape...just out of service too...It is also a nice example....it may need new everything though; that is the risk one takes when buying a car that is 50 years old...it is also the fun of it...fixing up an old car is suppose to be a fun hobby...In fact, I know a few guys who like it so much they get online and talk about doing it on this site.