'89 245 purchasing question

I'm about to look at an 89 Volvo stationwagon 240 for $1000 and 104,000
miles. Apparently it has a good body and engine with little rust.
According to the owner, some rewiring needs to be done on the hatch,
the radio doesn't work, a brake valve is leaking and the steering rack
is leaking. I've also Carfaxed this vehicle and it says that they have
put 40,000 miles on since Oct. 2004, but are only the second owners.
Besides the accessive mileage in the past 6 months, will these repairs
be too costly to pass up on this car for only $1000? Most other 240
wagons go for close to $3000 around my city (Toronto, ON, Canada). I am
new to the volvo hunt...

Thanks,
Clayton.

 

We sold our 1989 245 with 125,000 miles on it last Spring for $1000. It
didn't have any of those major problems (one of the door light switch
thingies was broken, but that was the worst of it).

Keep looking,

 

It sounds like a bit of a project, but it's only $1k, that could be a heck
of a deal for a car that may well get you another 200K miles.