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I've got a high mileage Z (1991, 150k) and don't have any more or more expensive problems than when I got it (75k), and that's with treating it to some pretty severe abuse. Total problems since purchase: warped brake rotors, fried starter motor (twice), dead battery, T-top leak, failed water pump, alignment (twice), squeaky idler pulley, bad fuel-injector connectors, air leak into driver-side intake hose, worn tie-rod end, HICAS leak (twice), broken hatch lock, H-pipe rust-through (twice), A/C unit leak, dirty power seat controls. That's about it. I've had the timing belt replaced and replace the air filter, oil, wiper blades, etc. regularly. The bigger problem has been getting hit in the rear (parked) right side (parked) front end (dealer screwing around) and accidentally wiping the right front fender against the garage. Seems to me most of the parts that have potential for major problems are the ones you'll work on anyway if you build up the car. Avoid a high-mileage Z only if it will be your only car. Otherwise get one with a solid body and good interior and modify/rebuild as necessary.
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