Does this look like a good buy?

It looks taken care of on the outside....10,000 seems kinda high to me. Depends on what you like tho id get a newer car for 10grand
 
It looks to be in real good shape. Like John said its all on what you want and want out of the vehicle.

Good Luck with your decision.
 
It's still a 42 yr old car. All major mechanical and electrical systems should be gone through carefully. It would be wise to carry a set of spares too (anything electrical in the engine bay that can prevent starting - like alternator, voltage regulator, distributor parts, timing light, etc.). When I drove to car shows in my 1960s Mopars I carried a ton of spare parts with me including a complete distributor, carb, etc...so I could get it going again if need be. Also carried belts, radiator cap, brake hoses..you name it.

For $10K you could buy a 20K mile 2002 Lincoln Continental if one were out there. I'd feel much safer going cross country in one of those than a 69K mile 1976 Lincoln. That's plenty of miles to have a major/original suspension item fail on you. And spare parts might not be readily available. 42 yr old starter, ps pump, fuel pump, water pump, and AC system on this car? How about the radiator? Any of those if still original could be your next nightmare.

I see lots of incorrect and slapped together parts in that engine bay from a cheap repro radiator cap to what appears to be a torn up flex hose on the front end of the air cleaner intake, red heating hoses?...nice try. Don't expect for these on-line "classic car dealers" to make a car right for you. Many of these are slapped together for profit only. I don't see signs of a previous loving owner in this one.

A 1996-2002 Lincoln Continental would beat this car in every category...including net hp/torque, 0-60, mpg, comfort, braking, seat belt/air bag safety, etc. While the trans in a 2002 is a weak link, the old Ford transmissions weren't exactly known for getting much more than 75K-125K miles....assuming fluid had been changed regularly. No one has a clue how the fluids in this vehicle were serviced over those 69K miles. Sure it's nice on the outside and in the interior. But, you're key reliable items are completely unseen and probably unproven. Ensure you have the spare parts ready. Just because you get 50-200 problem free miles initially...is no proof for forecast on what you'll get by 500-3,000 miles.
 
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I don’t think long distance travel in something that old is a good idea, even if you have gone over it and replaced all the usual age/wear items.
Today 70K miles may not be a lot, but back in 1976 it was.
If, while on the road, far from home, a problem does arise, finding a replacement part in timely fashion, may be next to impossible.
I think it best to keep something like this local, so if a problem does arise, you can get yourself and the car home without too much of a problem.

If you want to travel long distances I would also suggest getting something newer.
 
Based on what Firebrian stated about the heater hoses, it looks as if the dealer or someone replaced the heater core. It probably smells like coolant or that musty coolant smell....by taking out the dash to replace I guarantee there was coolant spilled on the carpet. Its tough to do a heater core, shops who know what there doing will do it right.

A car like this I would have a good "old skool" shop go over it with a fine tooth comb. It would be a great local cruiser for cruisins to A&W and Quaker Steak and Lube. Its like any car purchase caveat emptor. The car looks to be in very good shape, but look for signs of body color inside the wheel wells, this will identify any body work. Get a magnet and see if it sticks or not. If not then its body filler bondo. When shops use bondo I guarantee they will use it the wrong way, it will bubble up and fall off eventually. Get a paint gauge gun or stick and look at how many microns the paint is. A good shop could look at this for you too. Make sure to ask about all the records for the car all the way into the past and presently of what that dealer had replaced. See if they tracked the car in a snowy state originally if it is then look underneath to see signs of rust, the dealer probably "rattle canned" black paint the frame. So keep this in mind too!! Look at all the pinch welds on all the doors, and trunk area for signs of bubbly rust and what not, peel back the weather stripping and see for your self. Check all electrical components for operation. See if the headlight covers operate well, they will open then close if they malfunction. Means there is a vacuum line/s that needs replaced.

If you can be a member of Lincoln Continental Owners Club LCOC, they have cars for sale on their directory, you can talk with owners about the whole history of the car. This is just a recommendation. Home - Lincoln & Continental Owners Club
 
A buddy in HS got a '77 2 door with the 460 (this was the mid 90's) and it had around 86k~ miles. Everything worked and ran fine. Great ride too. It had a hitch + air shocks, so it definitely saw some towing duty, but it never gave him any issues. Though nowadays the carb might need a rebuild, or better yet, an upgrade. If it still has a mechanical fuel pump, the diaphragm can let loose at any time if old. It's also easy to flood these if you pump it too much. Ignition control module on this era of Ford would quit for no reason, often, but was a cheap part. Car was the epitome of simple though.

I will say though, that stock, these things were horrid MPG abusers. I think 10 mpg is lucky. The 460 weighs a TON on these models as everything is cast iron (friend had it out on engine stand to bump power and the stand was actually sagging). If you are serious about an older 460 engine in a heavy Lincoln, I'd strongly suggest swapping in an aluminum dual plane intake manifold, tubular shorty headers, a modern 4 barrel, and possibly an aftermarket aluminum fuel pump. IF you have extra cash, upgrade the heads to something aluminum and consider changing the pistons to get something in the 10:1 range and a mild cam. Everything mentioned is mainly to drop SERIOUS weight (like a couple hundred off the nose) + bump power up to where it should be, which is the 400+ range with tons of torque.

Think they only offered open differentials back then with lazy highway gearing and a C6. If you'd be willing to upgrade to a modern 6 speed Tremec (could probably snag one from an older GM) and maybe run a 3:55 to 3:73, with a posi, along with all the weight reductions and power bump, it'd be a legit cruiser.

Other thing that might be a better deal, is swapping in a DOHC 4.6L from a Mark VIII. My '96 Mark VIII saw towing duty, and it wasn't until I had a 150 pound hitch assembly, 750 pound dolly, and 4k pounds of truck on the dolly, that it's MPG would drop to 10 on the highway. When it was just the car, it was 28 highway stock. 33 mpg after doing a bunch of tweaks, with 18-20 city.
 
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