He said that it was a flashing temperature light, not CEL, but in either case you don't want to be driving that car or having it laid up in a garage as soon as you buy it to try and figure out what's wrong. The car probably had an oil-coolant intermix situation, best to walk away from that.
By no means should a 2001, be it an S or not, cost you anywhere near the prices you've posted if it's not in good mechanical condition. Keep shopping.
Yes, these cars do tend to be expensive, but don't let that stop you from negotiating with someone to get the best deal you can, especially if the car's not mechanically or bodily sound. If you're going to have to put money into the car as soon as you take it then the price has to drop unless the seller has already cut the price significantly because of it, simple as that.
And please
DO
NOT
make any decisions on any of these cars without having a PPI done. I know we're harping on it and beating the horse to death, but it's a crucial step, and it's worth it if it points out a winner...and if it points out a big lemon.
Also don't be in such a rush to snag one. Shop around. I know it's even harder for the younger people in the world right now to have patience because of how much instant gratification there is out there now, but this isn't like buying music or a video game. This is a high-price purchase, and it would behoove you to take the time to decide on the right one so that you don't have any regrets later and can just enjoy the car at an age when many of us would not be so fortunate.
I realize what was said there may read rather harshly, but please understand that that is not my intent or my tone (nor am I
that much older than you). Like Steve Tinker said, we're not going to steer you wrong. Don't just focus on any one car. Have a few lined up and start chipping away at pros and cons, which cars have records kept, and get a feel for the sellers.
By the way, here's Mike Focke's site...start reading up:
mikesporscheboxsterwebpages - mikefocke2