There are no hard and fast rules regarding price. There are periodically posts on here about sub £1k cars that reappear a few months later as allegedly cosseted examples with price tags north of £5k. IMHO with older cars you’re better off buying a cheap example that might need a bit of money spent to make it reliable rather than getting an expensive one that will also likely need a lot of money spent on it.
If the car is basically sound most mechanical niggles can be sorted out fairly easily and it can be cleaned and polished to make it look nice.
Things possibly to avoid are Nivomat suspension needing immediate replacement, a leaking heater matrix or a blown head gasket. None of these are actually show stoppers, especially if you plan to do work yourself. But they have potential to take time and/or be expensive so make sure you know what you’re taking on.
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