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Based on what you described the 110k mile car would be a car I would consider over the other one. But that is just my opinion.
The fact that the other one might have valve noise, has rust and probably has been raced would turn me off if I was looking for a nice driver to enjoy.
If you are considering spending that kind of money you should have many cars to choose from and could easily widen your search beyond these two examples. Again, just my opinion.
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