Good buy or not?, Looking for advice on whether or not this is too much of a project Options

[webbpinner]

I got the opportunity to buy a '74 1.8L. The car has only had two owners (my father bought it new, sold it to the neighbor after 14 years). Mechanically it looks great and the current owner always had it serviced at the "good" VW/Porsche shop in the area.

The car is 99% original, it still has the Bosch FI, the engine was rebuilt 12k miles ago. The car has not been on the road in 2 years but is started and run around the block every 2 months. It has spent all of it's life in VA, outside and was stored under a cover for only the last 10 years. It was a daily driver for 25+ years.

Mechanically I believe the car to be in good shape but I know to have it checked out before making any purchase.

Cosmetically I consider the car to be just below average as the paint will need a serious buffing job and the seats needs all new vinyl. (the dash, door panels and capet look good) 75% of the chrome trim and ALL of the rubber needs to be replaced.

My main concern is the body. It's got some rot. Multiple 1/8" and smaller holes in the bottom seams of both doors, the battery tray is all-but-gone, the left rear suspension mount (below the battery tray) has rusted through in spots but is still structurally sound. Big (3") rust damage behind passenger door latch striker plate, will require cutting out and replacement. 1" rust spot where passenger side roll bar meets door opening. Rear trunk has minor surface rust, front trunk has even less. There are a few bubbles thoughout the car, all appear to be surface rust and nothing I would call major.

There are two 2" diameter holes in the passenger floor pan and most of the seams under the car show moderate bleeding rust/minor rot. Overall the entire underside of the car could use some TLC but with the exception of the two holes mentioned earlier I believe the car is solid. Didn't notice the "run-for-your-lives body flex" mentioned on some sites as the 914 kiss of death.

The price: $3700.

There's obviously sentimental attachment as I was raised in the floor boards of this car. The car has had a good life (~275k miles) and concerdering it spent most of it's life as a daily driver I think it has faired remarkably well. The real question is: is it worth saving this car or trying to find a better example. My budget for the car including purchase price is 10k. I've seen some really nice cars in the classifed ads for 12-15k which make me wonder if I should pay the extra money and avoid the trouble of saving "dad's little green car" but then again, I am a bit of a hopeless romantic and I've always had a soft spot for these little targas.

I'm looking for those devil's advocates and realists to respond. I'm hoping to get some real world stories on what I might be in for. How hard will it be to locate replacement sheet metal, new rubber and trim? Do the problems I listed hint at larger problems? Is it better to buy a 914 with a clean body vs working running gear? All advice/warnings welcomed and appreciated.

- W