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Listen to what we are saying. MY first car and project was a 87 Camaro W/T-tops and a V6. I beat the s***t out that car. Got into my first accident with it as well doing something stuid and I regreted it. It was a great car, but it would have been better if I would have gotten a little beater and made my way up to a nice car with a project car on the side.
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Big AMEN to that one. WayFast, your repeated posts of 'yeah, buts' seem to indicate you really kind of want this 2nd gennie. I remember that feeling when I walked away from a '78 T/A AND an '81 T/A when I was in high school. It seems you already have a project car you've put some time and money into. While the '79 sounds like a fun project car, it's just that: Another project. Winter's coming and you're still going to need to get to school, even in the snow. Being young and driving a nice car in the spring, summer and even the fall is awesome...but it sucks rhino in the winter.
Add to that the black cloud hanging over it (The fact that it was stolen and the VIN has been changed?) and it seems like a bad idea. I'd hate to get stopped for an equipment or other such violation only to find out that the car is still really stolen. Not only do you lose the car, you stand the chance of being charged with Receiving Stolen Property. Don't walk, RUN from that deal.
Good luck. I hope you don't get hosed, whatever you decide.