you need to look for rust, straightness of body/chassis. check for all the panels lining up nicely, check for motor swaps (if you want it to restore, you want the original), check/inspect all tranny/t-case/diffs, when you drive it shift it in and out of 4wd, check for electrical nightmares (all wiring is easily seen in them), check the top for what kind of condition it is in, does it leak? does the motor leak? all the normal stuff, just crawl under it to give it a really good lookover.
a buddy of mine that rebuild's older 4x4's once told me to never buy a older 4x4 without driving it on the freeway... sorry i dont remember what the rational was but there you have it... (this probably goes for any older car actually)
FJ 40 motors are notorius for loosing compression. Put the car in gear, no e-brake and push it. If it moves more than a few inches go home unless your wanting to rebuild the motor and the guy is selling it for like 2 grand.
__________________
Zane
2007 Titanium 4x4 AT
Convenience Package, Upgrade #2
275/70 MT/R's, ARB, Warn M8000, 2.5' front leveling spacers, IPF 968's, original cut-hack, TRD sliders, Cobra 75WXST w/ Firestick, dbbd1's hi lift brackets & hi lift, K&N drop in
a buddy of mine that rebuild's older 4x4's once told me to never buy a older 4x4 without driving it on the freeway... sorry i dont remember what the rational was but there you have it... (this probably goes for any older car actually)
check it out for death wobble. most of the time it isnt a balancing thing, usually on an older 4x4 it is a front end component.
$1200 isn't too bad if the drivetrain is in good/excellent condition, and if cosmetics are not a concern for you. As mentioned above, the biggest enemy of a classic FJ40 is rust. (However, there's a complete cottage industry out there that caters to nothing but FJ40 body panels and restorations. But, making a 1970 FJ40 look new is an expensive endevour, unless someone else already kept it in good shape.)
Beware of previous owner modifications. The ad didn't mention if it's an original "F" engine or stock 3-spd transmission. So, watch out for shoddy V-8 conversions and/or jerry-rigged tranny and T-case swaps.
A complete rebuild of an F engine will run you between $1500 and $2500 (less if you take it on yourself).
BTW, if this particular deal doesn't work out for you and you continue looking for an FJ40, the 1975-78 model years are the preferred Land Cruisers (2F engine, 4-spd tranny, front discs, etc.).
For more info on finding one, rebuilding/restoring one, owning/driving one, start "cruising" the IH8MUD.com - "The Truth is in the Rocks" forum. Virtually every FJ40 "Cruiserhead" in the world is on that forum with great advice. (Plus, they have a great sub-forum on the FJ Cruiser where you'll see many of the members from here.)
I just took the dive and bought a 1973 FJ55 to restore. I am not planning on wheeling it, so the F engine and 3spd tranny didn't bother me all that much. What I looked for is pretty much what is in LandCruiserSteve's post. But the big things in my mind are:
Frame - surface rust is fixable, but a PITA. Buy a cruiser with a good frame.
Body - They all rust. Can't get around that. The good thing is that there are a lot of aftermarket body panels available for 40's so you are in good shape there. It's really a matter of how much time (and $$$) you want to put into the body.
Engine and fuel system - Do a compression test. Don't take no for an answer. Is the engine original or have they frankensteined it? You may have an F or 2F, but are the manifolds stock? Carb stock? Is the original fuel pump there? How's the gas tank look?
Electrical - Are the a lternator and regulator stock or aftermarket? Look at the fuse panel, have they added a buch of rigged aftermarket stuff?
Drive it - 2wd, does it stay in gear? How's the clutch? Do the gears catch quickly or do they feel worn? Put it in 4Hi...same questions. Put it in 4Lo...same questions.
Brakes - make sure you are comfortable with drums all around if you go with a 75 or older. They work fine, but are less desireable.
Remember that driving a 40 is more like driving a tractor than a modern truck. It's a big change from your FJC. Don't expect it to be smooth and easy. That was pretty much my list. I agree with Steve, check out IH8MUD and read a lot in the tech section on 40's. You'll learn a lot.
__________________ Heather
Titanium '07 FJ Cruiser - #1774!
Red and White 1973 FJ55
TreadLightly! Master Trainer