Good idea, bad idea?

I was walking my dog a few minutes ago and came across an old neighbor I hadn't seen in years. He has a 1980 280zx out front. Decent shape, but now has rust above the windshield and around the gas filler. Normal. I told him that I had always liked the car, and it bothered me to see it rusting away like this. He said he knew he needed to sell it, but there was a problem with the steering rack, the mount was real rusty. It's a slick top, 5 speed, redone interior and recent Michelines. 80,000 miles, barely broken in for these cars. He said he was ASKING for 500.00 for it. I know these cars, have had several, the last one lasted to over 300,000 until my wife t-boned a truck. Obviously, if the crossmember is gone, there will be more rust to be dealt with, but I didn't crawl underneath to check. Is this a pick a part part? Should I persue this, or run away. By the way, I'm pretty good with a MIG gun. I know they are not high performance, but they sure look good and are fun on the road.

you can fix a lot of stuff before that's a $ 2000 car.

I drove one and i didnt really like it, but that was partly becasue the guy wanted $4500 because it had alot of tune up type work done to it. It was rusty and has like 8 paint jobs though. For $500, if you dont mind fixing the rust, its probably not that bad of an idea.

This is what I am trying to ignore right now....

http://lansing.craigslist.org/cto/1203663410.html

I once owned a '76 280 and liked it, EXCEPT for the heavy (almost ponderous) steering, lack of seat tilt (when it's ALL the way, you can't tilt the seat) and mine was a 4 speed....so a bit of a gas-guzzler. Fortunately, there are MANY folks selling parts for these things (just avoid the 2+2 models) and if you can afford the gas (I currently can't) go for it.

Last one I had was a basket case 82 Turbo. Lots of fun, bad on gas, fell apart. This one is in FAR better shape. I am tempted.

ill just leave these photos of a friends 280zx here

I had one that was pretty far rusted and I ended up selling it for $150 (could have scrapped it for more, but it was going to someone who at least intended to save it, wonder what came of it...)

I have an irrational love for 280ZXs, but that amount of rust would give me pause. If the rack mount is that rusty, the whole underside is. Which means rusted bolts that need to be cut, possible structural problems.... I dunno. If you're willing to strip it down and weld in new metal where needed, God bless ya, you're saving a classic, IMO. But I'd be leery.