Don't be fooled by new paint. A lot of owners throw on a paint job and call the car restored. I always prefer to buy a car with original paint, no matter how bad it looks.
This afternoon I went to look at a Studebaker I thought I'd like to buy. The car was "restored" about 20 years ago according to the owner. The interior was very nice, the paint job was very amatuer, and who knows what was under it. When I layed on my back to look under the car, the first thing I saw was the main leaf on the rear leaf spring was so rust pitted that it was ready to snap off next to the mounting eye. I might go back for a second look, but I have a feeling this car led a rough life before it was restored. BTW, the leaf springs are wraped in a metal cover with grease zerks, and these springs look like they never saw a grease gun. The chrome was nice, except for one or two pieces, so the car made a good first appearance, and I'll bet it sells, especially if someone doesn't know what to look for.
Look for similar signs on a Model A, or any other car. Mechanicals don't bother me too much, as long as the price is commensurate with the condition. My 29 Tudor needed a complete engine rebuild, a good paint job and interior, but the metal was so nice in the body and fenders, so it was well worth the low price I paid for it.
You have to inspect the car carefully to see what it needs and what you feel comfortable doing for repairs. I often ask myself, will I loose money if I need to sell it right away. You know Murphy's law, as soon as you buy a car, you find the one you really want.
