Further thoughts on what is likely wrong with the car... It sounds like the turbo is blown. Assume you will need an entirely new turbo. This can cost $300-$1000 or even more depending on if you can find a good used one, if you decide to upgrade, how many additional parts you need, etc. This is also all assuming the engine is not damaged in any way, which is a pretty big assumption based on your description.
Overall I would say it is a pretty big risk. If you can get the car for an extremely good price, it might be worth it, but you need to be prepared to replace at minimum the turbo, all the way up to possibly completely rebuild the engine, and anything else wrong with the car.
Last edited by rlefevre; 04-13-2013 at 02:00 PM..