Hi Eric, welcome to the forum.
I expect that you have the 3.0 liter OHV engine. It is good and you should not have any particular problems with it. As a general guide check the oil dipstick to ensure the oil is correct level and not black (indication that it has not been changed in a very long time). If you can get a compression test, since low pressures or significantly varying pressures are a sign of a worn engine. Less than 100 psi dry is unacceptable. Check the coolant level and condition. Coolant that has not been changed in a long time will be brown and opaque and quickly eating away at every part of the cooling system.
The transmission is not particularly strong. Check the oil level when hot in park and engine running. Should be in the crosshatched area. The colour is important, it needs to be clear red and not smell burnt. If orange or brown and smells burnt then it needs a new (or rebuilt) trans which will be $2,000 or so. You should be able to feel the trans move the car a bit abruptly if clutches are good. Too smooth a trans is not particularly good either.
Check the body, particularly under the rocker panels, for rust.
Good luck.
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Art
2000 Taurus SEL Wagon 3.0 Vulcan (daily driver)
1993 Taurus GL Wagon 3.8 Essex
1991 Mercury Grand Marquis LS 5.0
1986 Chevrolet 3/4 ton pickup 4x4 350 with turbo400 and 208 transfer case
1978 Chevrolet 3/4 ton pickup 4x4 custom 6.2 na diesel with turbo400 and 203 transfer case
Planning 2008 Taurus X in a year
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