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It depends on the vehicle and history, but in general buying this car might lead to much more than $500. The timing belt, water pump, shocks, muffler, etc are probably all due for replacement and that's a $4,000 car right there.
The seller might still be able to get an inexpensive "pre-test" which doesn't plug the i.d. into the system.
From there, look at the numbers before buying.
-High CO= running rich/oil, and cat cannot turn it into H2O+CO2.
-High HC=raw gas, bad timing, and same for cat.
-High NOX=created above 2500degF indicates running hot/lean, bad timing, carbon buildup.
Put a vacuum gauge on the manilfold:
-wandering=mixture
-bouncing=valves
-low=timing or other permanent engine compression/exhaust problem.
One thing to note: a clogged cat leads to burnt valves.
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