All this talk about parting out a perfectly good car - please!
Skipper - do a search here on the 2.7 and you will find lots of people that actually like this motor.
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The owner told me that it started smoking from not being started in over a year.
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It is possible that just driving the car will make it smoke less. It could be rings stuck in the pistons, or just oil dripping down into the exhaust. Drive it - enjoy it. Rebuild it after you graduate and are making a small fortune.
Rex