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New/Old O-320

Depends how/where it was stored. If its in a low humidity environment then its plausible that its fine. The only way to really know is to pull a cylinder and look inside. The cam shaft is known to be the place that gets corrosion the easiest in a Lycoming.

I would factor possibly needing engine work into the cost of the airplane, buy it at a price that you aren't upset if you need to invest money in the engine.

My engine sat for 10 years, but was inspected prior to being installed. So far its a happy engine.
 
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