I just picked up a new project. It's a 1995 Volvo 850 Turbo. 129,000 miles, 222 hp inline-5 cyl, auto trans (fine since it's a commuter). Paid $1,000.
Today I started by detailing it. It has some cosmetic issues but it cleaned up much more than I was expecting.
It runs good but after three failed California smog tests by the previous owner, she gave up on it. It passes everything except it's 39 points too high at 25mph on the Hydrocarbon test. This car has a PCV catch can system and they tend to clog, so I'm told that cleaning this up as well as a complete EGR cleaning may get me the 39 points I need to pass. If not that then a cat should do it.
It's reasonably clean outside, inside needs some work. Leather is in bad shape, dash needs some help. Nothing out of sorts for the price I paid. Everything works, power windows, moonroof, mirrors, power seats, even the Volvo 10 disc changer in the trunk and the power antenna work. Tires are brand new.
I didn't buy it to save gas, I bought it to save wear and tear on the 4Runner. I do a lot of short trips and have to leave the 4Runner in places that make me nervous, so that's where this car comes in. It happens to be fun to drive too.