OK, here's the deal. the car is 24 years old. EVERYTHING is suspect.
Rust. Upper frame rails are the main problem because you cannot see them, hidden under plastic bodywork. The best you can do is use the rest of the car a a guide as to how the frame rails might be. The trunk corners (under the trunk carpet) are good indication but beware sneaky people that make them look good to hide the bad (ask me how I know!).
Brakes. Expect to replace everything. That means new rotors, new hoses and reman calipers all around.
a/c. god only knows. If it's good, fine, if not, you could end up replacing everything. Black death (google it) is an ac/ killer.
Engine. Who knows. after 24 years of abuse you could be lucky, you might not be. You can at least use the general appearance of the engine/car as some sort of indication as to it's condition. If it looks looked after, if may well be (bit detailing can hide a lot of sins!).
Trans. Ditto engine.
At best any Fiero bought on the 'open' market (vs from someone on here) is likely not to have seen anything other than 'keep it on the road' type of maintenance for the last 15 years so you are more than likely going to have to address all those issue that have been papered over for the past 15 years. If you are prepared to address the issues then you can end up with a great car although it will still need more TLC than your average new car. Basically, there is no such thing as a 'cheap' Fiero.
A lot of the cosmetic stuff really is cosmetic, headliner (easy fix), paint (how much do you want to spend!) etc. As long as the basics are OK (ie the chassis) you can work wonders with these cars (like most cars, that means, given enough money!).
Id' also add that Fieros make great hobby cars but if yo really NEED a car on daily basis, have a reliable backup!. Once you have spent enough on a Fiero it can become a daily driver but even them it's still an old car and liable to failures of one sort or another. But if you want to learn about cars, Fieros are a great car to do that on and pretty much EVERY problem you will ever encounter has already be experienced by someone on here. Best place on earth (may in the universe) for Fiero knowledge.
Typed after a few beers and a couple of Whiskies (of the Scottish variety) so apologies for any gibberish!
Oh, and welcome to the madness. You can't stop at one!!
If you really want to know what it's like to own a Fiero (or three), read the diary section of my web site (long and probably boring) for the 'real' experience!
------------------
Dave
www.ltlfrari.com[This message has been edited by ltlfrari (edited 09-05-2011).]