My .02 worth.
Fall of 2011 I picked up a 98with 116k for $4800. 2 owners, some recent maintenance history (rotors,pads, 4 new tires, water pump, thermostat, coolant flush, serpentine bet, oil and filter). Car was very dirty, top didn't work and rear window cracked. I spent about $1k total, with about $500 going toward a replacement top and top control relay. I replace motor mount, flushed brakes, replace gear oil, spark plugs, tubes and o rings. New ignition switch and gas struts for rear trunk thrown in as well.
After detailing the car for a weekend, I sold it for $8,200 to a coworker, who told me he'd buy the car before i ever had it finished. I'm confident I could have got more, but I doubt I'd get over high eights.
Fast forward to September 2012...I picked up another 98 with 117k, 2 owner car for $5k. Car is same color and similar condition. My plan is the same but I have been called away for work overseas and have not been home much. I plan to have the car ready to sell by mid-March. Hope to get around $8k again.
Good luck with yours!
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