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New Maserati Biturbo owner needs help

I recently purchased a running and complete '86 Maserati 425 Biturbo
with an automatic at an auction for $700.  I'd like to use it as an
around-town thrill ride.  I need help in evaluating the car's mechanical 
condition so I can determine whether it makes financial sense to restore 
the car to a roadworthy condition, or sell it as is.

The car will cruise around a parking lot, but I'm afraid to drive the
car much because it appears to have been sitting a while, and I don't
want to bust anything like the timing belt.  I'm hoping I can diagnose
most problems without having to take the car out on the road.

I can perform most repairs with a good set of service manuals, except
for engine re-builds and transmission/diff repairs, which I've never

What are the sorts of things to look for in determining what needs
fixing, besides the obvious things like engine compression?  I've heard 
that if the turbos are blown, then the car will smoke when
started, or when blipping the throttle, which my car does not do.
The turbo boost gauge does move around in the yellow.  Does this
mean that the turbos are OK?

There's some whitish goo floating at the top of the coolant reservoir,
however, the engine oil looks good.  Is this a bad sign?  The oil 
pressure gauge is pegged at cold idle.

There's no fluid in the power steering fluid reservoir.  If the rack
needs re-building, how expensive is it?

The car starts fine when cold and revs freely, but it stalls readily
at idle and will idle erratically at 1-2k rpm.  It has trouble starting 
when barely warm.  (The engine has a carburetor).  Are those
bad signs?

There's no rust, body damage, or dings, but the paint is lackluster and 
scratched in a few places, and some trim pieces are damaged or missing.

The interior has some serious cracking in the dash and door panels, 
and the front carpets are very dirty, but the seats are in good 

Thanks for any advice/assistance.

Doug Holtsinger

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