Help on a 1991 420SEL that I looked at today. The car has 158,000 miles it, is clean in and out about 8 out of 10. They wanted $1,500 for it. The catch didn't pass smog so I spent $45 for a pre-test to see results.
The HC,CO,and NO levels are all high for California smog. The timing was set at 12 degrees after top dead center. When it is suppose to be 12 degrees before top dead center.
Smog shop said it needs O2 sensor and Cat converters. Smog shop estimated about $2,000 for smog repairs.
The only information I have on car was some mechanic said it was caused by oil getting into the Cat Converters. I'm assuming it needs guides and rails, timing chain but I don't get why timing would be set so far off. Everything in the car works AC,PW,sunroof. I mean everything is operational. They offered to sell it for $1,000. Could it be someone made an effort to replace rails and timing chain and got timing all screwed up. Is the car worth a shot at $1,000. I offered $900 reluctantly.
It has new brakes on it, tires are good, needs shocks for sure.
Help any suggestions

 

Ignition timing is 12 degrees after top dead center