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I'm also a college student, and whether or not I'd invest in this car (if I were you) all depends on how much you like body work.
Ok, it sounds to me like this car is in good mechanical condition. You won't have trouble from the parts he replaced, it's safe to assume. The underbody and subframe didn't look too bad. I live in a "lake-effect snow" town, where we get tons of snow every year, and they salt the streets. I've seen newer cars with way worse chassis. The fenders, side skirts, and wheel wells all look like in great shape for a '90. The back, however, is the obvious low point of the car. That liftback is going to need extensive metal replacement, or just a new hatch. The rust by the bumper also needs to be adressed immediately. This car needs some help.
I work at a body shop, and I wouldn't buy this car unless it was really cheap ( < $1,000 US). For what it will cost to get this car's body into a sound condition, I think you could do better for a car. You're probably busy with University work, don't spend hours grinding rust and spreading Bondo.
Speaking of which, I drive an '89, and it's possibly the worse car in snow ever conceived. A LSD would not help this car. I tried to drive my car in winter the winter before this one, and I ended up giving up after much frustration. The chassis is too low, the wheels are too wide, there isn't enough weight on the back axle... If you buy one of these cars, my recommendation is to not drive it in winter at all.
The bottom line, I would say, is that this car is in bad shape, and it's just not a winter car at all.
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