I believe by 1990, both the excessive rust and wire rot problems were well resolved. If the car body is in decent shape, $1200 would be a great deal even if one had to replace the engine. For that kind of money, I think I would pay more attention to the overall wear and cosmetics of the car, and, if there was no rust(which there shouldn't be), no sign of flood damage, major accident, etc., I would certainly go for it, if I liked the car, even knowing I might have to spend another $1000-1500 on repairs at some point.