Sabs

Here's my situation: I've been looking at getting a '98-01 2.5RS, among other fairly uncommon cars. When I see an RS for sale, it's almost always well above book. My limit is about $10k. I plan to start working on cars myself, and run occassional autox this summer. So far I have done a lot of research on cars, but have not done much wrenching.

There is a 2001 2.5RS sedan, clean title, within reasonable distance needing work. According to the seller, the engine threw a rod at 62k miles and the engine was replaced with another engine with 100 miles on it. The car currently has 65k miles.

Problems: Front bumper is scuffed, rear bumper cracked, drivers side fender dented. Homemade intake made of PVC which I would replace with stock or aftermarket. The seller also says the clutch is starting to slip and estimates 10k miles of life, although I would replace it immediately if it is indeed slipping. Rear brake pads need to be replaced. Lastly, the check engine light is on - he said the front O2 sensor needs to be replaced (this is probably the biggest concern, as I'd have no way to verify this).

Asking price is $8000 firm. I would want all damaged/worn parts replaced in order to bring the car up to the condition you would expect of an '01RS. It's possible I'd do some of the work myself, but let's assume for the sake of cost that a professional shop does all the work.

Is this worthwhile? This would have to be a good enough price so that after all repairs, I would still be below the going rate of the car. Do you feel it could be a good value, or should I forget it and look for a car as well-maintained and in as good of condition as possible (even if at/above book price?)