I wouldn’t pay more than $500 and that would be a stretch. Don’t forget the MSRP of this car new was probably about $4k. It’s really only worth it’s value in scrap metal and not much more. Don’t forget the fact it’s a 25 yr old automatic transmission that if it hasn’t failed yet then it’s way over due.
Automatics suck but if the car runs, has new tires, and passes state inspection, I’d say it’s worth at least $1,000. It’s never going to be a fun car but I’d be happy with it for simple transportation. According to the Huffington post, the average car payment is nearly $500. If the car lasts two months it’s paid for itself.