I'm looking at getting a project/commuter car, and one of the top three contenders is a '93 SC300.

Details are: one owner.
The most complete service history I have EVER seen. If the owners manual said to do it, it was done.
220k miles
automatic

The rest of the car has not been loved. The leather seats are pretty severely cracked and just bad to look at.
The paint is faded, and the right side needs to be painted. It's sanded and primered, but hasn't been painted.
Radio works, but intermittently.

I drive 80 miles a day to commute for work, and my current car is an '07 MDX, which sucks down gas. I don't meet with clients or anything, so it basically costs me $100 a week to just sit in the parking lot. Besides, I wantg a fun project car.

Does this seem like a decent one, and are there any glaring issues I should watch out for? He's asking $2300, and it needs tires.

Other contenders, for comparisons sake - 1994 Nissan 300ZX hail damage ALL over, rough interior, but timing belt, etc has been done. non twin turbo. $3,200 and 130k miles on shell, but 40k on NEW, not rebuilt engine.
1997 BMW 540i stick. Doesn't run. Looks amazing, problem is unknown, maintenance is non existent beyond oil changes "every so often". This guy seemed to take more pride in making it look good than keeping it running well. My heart tells me to run from this one, but for $1,200, is it possible? Mileage just under 200k.

Edit: I should add that the lovely wife has blessed me with a full budget of $10k to spend on said project, so huge overhauls just aren't in the cards. This is more something to drive to work, that still has the potential to be a fun car that she would also be okay riding in.

 

SC300s aren't great on fuel either but there are plenty of upgrades to be done on them. Check out our SC300/400 forum.

Engine swaps are common, tranny swaps are common but are probably outside of your 10k budget.

There are seat covers you can buy to replace the leather you currently have. Radio is a fairly easy fix to go aftermarket. If you want to learn how to paint this may not be a bad car to learn but otherwise paint if you know a good shop shouldn't cost you too much.

 

if you're doing mostly highway, you can probably get away with 21-22 mpg on the auto. other than that, it would be a good project

 

My vote goes for the 300ZX non turbo. First reason is that you'll have to continue to live with the fuel costs even after you've spent your budget and 80 miles a day is a lot of gas money. I believe both the SC300 and 300ZX have V6's, but the 300ZX is lighter by a few hundred pounds; 5 series is a V8 so don't even bother. Second, hail damage is primarily cosmetic and I would take a new engine for that. It ain't going to win awards but it'll keep driving. Lastly, you've got ~6k to play with so you've got plenty for inside toys.

 

540i + LS1 and T56 = win

 

Look for a good commuter car, not a fun car. Depending on the roads on your commute, you need a fairly low-mileage beater in great mechanical condition that's easy on gas. Install an aftermarket sound system and other telematics to keep you entertained, but don't worry about appearance or performance for the daily slog through traffic.

Save your money for a nice project car that you can drive on sunny weekends just for fun, dipping into the budget at irregular intervals during your restoration.

If you insist on something sportier as a commuter, the best suggestion I've heard at well under $10K is a Mazdaspeed 3 or 5 series. Lot's of these mid-life-crisismobiles were purchased about 5 years ago and spent their lives being carefully garaged and massaged, but not driven too much.

 

Stay away from the BMW. An aging BMW will become a money pit in no time. The 300ZX is actually a great car, i was considering one some years ago, most are pretty high mileage now. I saw quite a few with over 200k miles. Not sure how the non-turbo does on gas, but i know the turbo model does not do so good especially since its fun to drive and keeps your foot on the gas more often