If you are sincere about starting out with the lowest amount of money spent on a car so the rest of your budget is freed up for hot rod parts, look for key words to help your search along. Look for clues. Look for a car that is almost too good to be true for the price and see if the seller lists the problem. Many owners are afraid to get their hands dirty, don’t understand what is happening or what is broken and how to fix it, and are scared or reluctant to spend the money to take care of a simple fix that could be done over the course of a weekend. Say that you can put the car back on the road for a couple hundred bucks, with a warranted part, and you might get somewhere. Say, “Transmission is gone, gotta replace it” and you have now conjured up images of the mechanic with a bill that’s heart-attack worthy. 
Overall, this 1989 Lincoln Mark VII looks great. It’s a stocker, but a Mark VII is a great starting point for anyone looking for a good all-around car or a comfy hot rod. It’s a Fox Mustang that has legroom and seriously comfy seats. And in the case of this particular car, an AOD automatic that is slipping. At a purchase price of $650, you should wonder if the trans just needs adjustments or if you need to have it rebuilt or replaced. No matter what you choose to do, you’ll come out smelling like a rose on this Lincoln. You might even be able to five-speed swap it. You know, if that’s your sort of thing.
rebuild on a AOD at around a grand if you install… with the purchase price not a bad ride if the 58 k on the clock is true
The AOD are infamous for this with these. Mine started slipping and I drove it in regular drive for a few years before that went out.