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What condition is the engine, turbos, commonly replaced parts like wiring harness, clutch, shocks, etc. If #2 is okay in that sense, it's probably a better buy. A big reason for buying low mileage cars is that all the little stuff should be in better shape, but if #1 is as bad as you say, it sounds like too much work. But a 145k Z is also ready for a lot of work, if engine and turbos are original. ..... I question buying in that price range, because there are very good Z's for $4k more, and you will spend $4k fast fixing one up.
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