Another "Should I buy this" thread I know, I know
 

So an acquaintance from school is selling a 302 that he says is from an 88 mustang that was converted from efi to a carb. It has everything with it as far as accessories go but he says that they are all taken off and he's not sure If he has the fasteners for the accessories and timing cover. I think I can get the motor for $150 but definitely for $200. It SEEMS like a pretty good deal even if I have to get some bolts and a water pump for it but I am not familiar with the pricing of 302s besides what I've seen on ebay. I know you guys get tired of these type of threads but I really appreciate any help. I should add that I am not dead set doing carb or efi I am really just looking for deals and would be happy with either. Even if it would be better not to go carbed for the swap does this have some potential to flip for a little cash?

When I get into something like this I always back up and think about what I am wanting to accomplish, and what it will take to get there. You didn't say much about your goals for this motor, so I have to make assumptions here.

If you are buying this engine to swap into as is, I'd advise to pass. Too many question marks for me unless you actually heard it run before, and know for certain it wasnt taken down for a problem. Even then you still have to source some hardware and other unknowns that you don't know about right now. You can put a little with this amount and find an engine thats in better shape to start.

If you are buying it to rework and swap in then I'd say go for it, sounds like a good deal if you are going to tear it down and get a good idea of condition of rotating assembly and install new gaskets throughout.

I do plan to do gaskets throughout and he claims it only had 100k miles on it when it was pulled from the car. My plan would be to get the engine (if I decide to) and tear it down completely and inspect everything thoroughly and replace anything that might be scuffed up. I feel like you're taking a risk with any used engine that you buy and I would do a mild rebuild on any engine I got so I might as well do it on a cheaper engine? Thoughts?

Yeah that sounds good to me, if you are going to go through it then you probably can't get hurt at that price.

Awesome thanks for your help!

I did similar with mine. Bought a complete SN95 engine minus electrical and front drive, did bearings, rings and gaskets after a good looking over and cleaning.