1982 SSP - need advice

[foureyed]

Hey guys,

I'm considering buying a 1982 ex chp mustang. First off, I'm a college student who's been interested in getting a project car for a while, but hasnt ever had the funds to do so. I should let everyone know, that I know very little about cars, but intend to gain experience by jumping in.

Heres the deal: Ive found 1982 SSP mustang for sale. Its got the 302 carb V8, with a cobra T5 transmission, 3.55 gears and 8.8 axle, MSD ignition and a short throw shifter. The car has 140,XXX miles on it and the owner said the tranny was replaced around 20,000 miles ago. He said it runs smooth and strong and I plan on checking it out this weekend. He's informed me that It'll need a tune-up as well as a speedo cable, the front brakes will need to be replace within the year and the suspension will probably need to be replaced. Hes offered it to me for 2800 and Ill probably try to talk him to 25

I'm posting because I need to hear from more experienced owners whether Im going to be getting into trouble and making a bad investment. I would love to have a solid car to work on and upgrade, but my concern is that I'll encounter a major problem with the engine or tranny that will break my spirit (or pockets rather). I have no idea how long the engines and transmission lasts on these cars and I dont know if ill be facing huge costs when it comes to maintenance and repairs. My goal is to have a solid platform to build on and upgrade with performance parts, what I dont want is a car that runs good for a little and then encounters astronomical repairs. Part of me is saying: dont buy its going to be a huge money sink, and another part of me wants to go for it.

whaddya think???

heres a pic front end makes me think its 85 or 86