Rust or Burning Oil

So my main two choices for my high school budget $2019/DD challenge car are a 1992 Miata 5spd with a rusty floor pan for $1900 (offering even less in person) or a 1995 Miata 5spd with an unknown oil problem, but no rust, for $1500. I've already done both an engine swap and 2 rebuilds on miata 1.6 engines so the oil issue doesn't bother me too much as we have a spare 1.6 lying around anyways. 1.8s and 1.6s are also super cheap around here. Which would you chose? The 1995 already has a harddog rollbar on it which saves me money for that as well. Or I can sell parts like that if needed. The guy selling it is also throwing in a free giant box amp and some speakers for the car that I can sell for even more money back

I would say keep looking, rusty cars are almost never worth it, and $1500 for a car with a bad engine is kinda expensive too.

I would rather build ten engines than have to fix rust.

Oil use could be something cheap & easy. My 99 was the pcv valve. I'd confirm the actual burning oil vs. just disappearing...

Burning oil could be fixable for cheap.  Rust is never cheap.

Valve stem seals are not much money, just labor.  Rings stick more than they wear out, that can be improved without opening the engine.

Mechanical problems are easy.

Rust is like fighting a devil you can't see. Every time you touch the car more will rear its ugly head. Rusty cars are soul crushing.

Fix the oil issue. 

What, are you Crazy (horse), even Neil knows that Rust Never Sleeps

Avoid the rusty car.

What exactly do you mean by "unknown oil problem"? That it leaks oil/burns oil/has no oil pressure but you don't know the cause of it? Or the buyer is just saying it has an "oil problem" and you don't know what they mean by that?

In reply to NickD :

He parked it through the winter, and after the six months in the garage, it leaked about a teaspoon. He drove it for the next two weeks and noticed it has a burning oil smell, and smoked only on startup, after that little to no smoke, but the smell was there when he parked or stopped at a light. In two weeks in went through a quart roughly.

Rust is a hard pass in my book. 

I don't see where OP is from.  Rust can mean different things in different regions.  A Texas rusty car is considered mint concourse up here in Michigan.  HAving said that, Miata engines are so cheap and simple I'd go for the oil burner and pretend it's diesel powered.  BTW, $1,500 for a true rust free car with a dodgy engine would be a bargain up here.

In reply to Adrian_Thompson :

I'm in NC. The floor pan in the passenger side is so rusted the passenger seat no longer bolts back in

Adrian_Thompson said:

I don't see where OP is from.  Rust can mean different things in different regions.  A Texas rusty car is considered mint concourse up here in Michigan.  HAving said that, Miata engines are so cheap and simple I'd go for the oil burner and pretend it's diesel powered.  BTW, $1,500 for a true rust free car with a dodgy engine would be a bargain up here.

Yep, I paid $3900 for a 1990 here in NY that needed brakes and a timing belt, and ended up having had some dodgy work and some bent suspension parts. But it was rust-free. I see NBs with the rocker panels completely gone commanding $4500 around me. I would definitely put up with mechanical woes over dealing with rust though.

Catlas_Se7en said:

In reply to Adrian_Thompson :

I'm in NC. The floor pan in the passenger side is so rusted the passenger seat no longer bolts back in

Run, run away and get the oil burner then. 

Rust is always worse than it looks when you try to fix it. Berkley that. Get the clean body car.