1) Don't walk away because of the belt, just change it asap. If it fails you will bend some valves.
2) Yes, stand on the gas. Believe me, you will know if it's working. I have a 2.8 Z3 BMW and a '98 T5 and the T5 is faster from a rolling start. If the T5 had boost in first gear, it would be faster all around.
3) The answer from Rayn makes sense. I have those tires, plus winter tires and the ride is ok.
As for price... I paid $15K with 70,000 miles in late 2002, and you might want to check with kbb.com.
As Phil knows, I have had problems with getting mine aligned. I hit a 4x4 wood post and have not had it right since. If it shows any pull get the seller to agree to fix it before you accept it. (Mine pulls to the left, but as Phil says, it might just be because I took it to Paul Newman's place to get it fixed.)
Finally... the AC evaporator is a known problem on these cars. Is it low on juice? Is the compressor cycling? Is it cold? If it's too chilly a day for AC just turn on the defroster and that compressor better kick in. I think it's about $1300 to fix.
You will love it, but put Konis on it. The difference is night and day.
Best of luck...
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