Found a 92 with an engine knock for $1200, is it a good deaL? [Archive] - Toyota MR2 Message Board

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Ok, i am pretty much broke and i would have to convience my dad to loan me some $$$ to get this so i need some proof that this is a good deal to show him. I found an MR2 a buddy of mine hooked me up with for $1200. It is a 92 and from the pictures is in great condition. 200K miles with a fresh rebuilt tranny. The guy says it has a knock in the motor, i have never worked on one of these, any idea what this could be or how hard and how much $$$ to fix it? Also, would this be a good deal