I've found an older Jeep that I'm considering purchasing, but, frankly, I don't know much about them.

It's a '77 Wagoneer, that means it's an old AMC. It has a 360 V8, Dana 60's, Quadratrac, and unknown mileage (the odometer only has five digits).

So, what should I know about it, or look for before I decide on purchasing the vehicle?

Really just depends on what you want to end up doing with it... are you restoring it? Making it a crawler? If you're restoring it the more parts that are in good shape the better, if you're going to modify the heck outta it then it doesn't matter as much.. If you're looking to wheel it/drive it with putting minimal money into it, then the main things are the engine and drivetrain. Check all the fulids, drive it (if you can), Is there a lot of rust? cause that's a pain to fix. At 77 you'll have to be able to pass emissions unless you live outside Maricopa so that also could take some money..

Actually, the transmission and transfer case were replaced in '08, and the engine was rebuilt around the same time. It's pretty mechanically sound from the looks of it, but there is a decent amount of rust on some of the body panels (right side rocker panel has a 4" hole, and the right rear fender is rusted through underneath). There doesn't appear to be any rust on the frame or mechanical parts. There is a little on the leaf springs, but it appears to be surface rust. All the work looks like it will be cosmetic. I have a picture of the vehicle I can post if you want, too.

Again, with the rust and the location of it depends on what you want to do with the jeep.. Everything is fixable, it just takes time and money. Once you've figured out how much money you are willing to dump into it, you'll know to get it or not. If you don't have a lot of experience with body work, you may end up hiring someone to fix the rust for you (ShowBoat) but that does get pricey.

Yeah, I would have someone professionally do the body work for me. I found replacement panels for the rocker and fender (the entire piece) for less than $100 each, so I figure I'd just completely replace them.

As far as these Jeeps go, is there anything that is notorious for failing on them?

Im not a fan of Quadratrac. When I had my 78 Cherokee wide track I was happy because I had been looking for one with out it. It took longer but it was a good move as I didn't have to upgrade.
Are you sure its 60's under it? If so what were they swaped in from?

No, I'm not sure if they're 60's. I didn't crawl under to confirm it (I was wearing white...). It does have the "emergency" switch (central differential lock, if I'm not mistaken) in the glove box. What didn't you like about the Quadratrac system?

The vacuum system had issues where the 4wd would not lock in and the t-case has some durability issues when it was used as a wheeler.

If its 6 lug its most likely Dana 44's..... 60's were not stock for this rig and would be 8 lug.

Great classic, but like all wheelers, it will need some improvements. I know they are a real PITA to get to pass emissions.

Sorry that I haven't replied in a while, but I've been a bit buisy lately.

I went ahead and bought the Jeep earlier this week. I'm sure there will be lots more questions to come as I begin the process of restoring the cosmetic parts.