72 Engine "knocks" Options

[mikeatrpi]

I found a 72 914 1.7L that the owner is casually selling (he's not listing it in papers; it's parked in the back of a parking lot with a sign in the window). The owner describes the engine as "needing work" and making a "knocking sound." I haven't heard it run myself, but apparently it starts. What could this be, and how much to fix it?

The paint is silver but not shinny, body is straight with a little rust by the driver's rear bumper, and the top leaks. I haven't gone through Pelican's checklist for rust yet. Based on what I've told you, does $2k US sound fair? I'm looking for my first real project car.

Thank you for any advice you can provide!

-Mike

[ArtechnikA]

everybody is so concerned about the engines...
engines are plentiful.

how is the RUST - especially since the top leaks ?

you can buy 10 (or more) engines for what an extensive rust repair will cost you.

you can replace an engine in an afternoon but extensive rust repair will have the car out of service for (at least) months at a time.

engine failures are unpleasant, but structural failures are dangerous.

$2k sounds a lot for a car with a knock in the motor. you can probably presume everything else (brakes, suspension...) need work too. dull silver paint on a '72 is almost certainly not original, which means you don't really know what kinds of horrors lurk beneath the paint.

'72's came with tailshift transmissions, if that's a factor for you. i've had tailshifters and thought they were just fine, but lots of people treat them like they're leprous or something and immediately feel they must do a sideshift conversion. if you're one of those, add on some more $$ to what it'll take to make the car happy for you ...