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I'd say buy it.
Did he keep up on the transmission oil changes as well?
The engine is non-interference, so if you don't change the timing belt and it breaks, there's no risk of major engine damage.
The valve cover oil leaks are messy, but not a big deal. Worst thing about it is that if it's bad enough, it drips onto the exhaust and slowly burns off, giving off some stinky blue smoke. The front cover gasket is a 20 minute job. The rear takes 2-6 hours, depending on how pokey one is. The rear one is usually responsible for the aforementioned burning oil.
Given reasonably good maintenance, they're often good for 300k miles or better.
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1992 Camry LE, V6 (3VZ-FE), ABS brakes, 330k miles, dark emerald pearl, owned since new.
1996 Avalon XLS, ABS brakes, moonroof, white, acquired w/ 139k miles, now at 261k.
2001 Yamaha FZ1, Ivan's jet kit, resprung all around, Ohlins in the rear, Race Tech cartridge emulators in the forks, 45k miles.
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