I found an late-80's (not sure of the year, has pop-up headlights) Honda Accord LX-i 2-door for $500. I have yet to speak to the owner or test-drive it. It's not the 240SX I want, but school-related payments have forced me to abandon buying that car and look for a beater. Here's what I know:

Red/beige cloth
247K miles
3 New tires (although they're cheap and one is mismatched, may be a full-sized spare)
Automatic
Power windows, locks, mirrors, cruise control
Stock stereo/cassette
Exterior: Lots of ingrained dirt, faded paint, but very little rust. Only needs front turn signal bezels, otherwise complete and non-ghetto-riced (thankfully. Almost every 80's Honda around my area is ghetto-riced.)
Interior: Ok, but lots of trash from the original owner and some burn spots. I have yet to sit in it.

What I'd like to know is a) if I should buy it and b) some info about the car (I.E. engine code and power ratings, weight, possible tuning options besides fart cans and ugly wings, etc.). The high mileage concerns me, but it's a Honda and it doesn't look abused, just well-used.
Thanks in advance.  

well the only problem with the was that after while the had a really rough idle and you could not do a thing about it and next they had auto trans problems they would shudder from the first to second shift really bad, all of the transmission from that time did it, they did it mostly because people put the wrong fluid in it or didn't change it often enough. remember they need Honda only power steering fluid and trans fluid. the engine code is a a20a3, power 120hp@5800rpm 122ft-lbs@4000rpm, weight 2500lbs, tuning options are every limited, i think pacesetter makes and exhaust, and header but they are low quality, weapon r makes a intake, and that's about it, you can find some small odds and ends but nothing big, but from what i know place racing used to make a swap kit so you could swap in the h22 out of the prelude, the electronics your on your own with that.  

I owned an 88' Accord with 140k miles for a few years and it ran great except for the rough (high) idle (can't remember what but the mechanic said there was a replacement part that would fix it?).  Also at highway speeds it would "search" between gears, kind of annoying but overall a pretty reliable car.  Also kinda fun to drive, its so small the steering is pretty light and responsive.  By no means a performance machine but definetly a good grocery getter.  

Sounds kinda ok. Take it for a ride.  

You should try a four wheel drift in it.  Just kidding.  Just test it and pay less.  

Thank you all for the info. I need a car ASAP, so at this point, as long as the Accord runs, I'll buy it. If it's a total money pit or sold, I'm going to have to look for another beater or a non-runner with a cheap, easy problem to fix. So if I don't get the Accord, expect more "Need Info on (insert 80s sh!tbox here)" posts.  

Cool, keep us posted!