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Im looking to buy a Mitsubishi Evolution 5. It has done 156k. It states a engine rebuild was done by 'Boosted Performance' (Auckland) at 117k. Seller has all receipts for cambelt/waterpump, as well as the engine rebuild of which consisted of the engine block, conrods, pistons, engine oil pump, full gasket set, exedy clutch kit, frost plug and all of the oils etc. just wondering if i should still check this car out further or look elsewhere. Thanks.

Obviously (as I'm sure you know, otherwise you wouldn't be asking this question!), there is risk attached to a car such as this.
One question is "why did it require a rebuild?" One common problem with these engines was that the thrusts would wear and in extreme cases could wear the block. You say the block was a part of the rebuild, but don't say whether it was a new block, or what may have been done to it.
If you have your heart set on this type of car, we'd strongly recommend having a pre-purchase inspection, but remember, the inspector can only report on what he sees on the day and there are no guarantees in the long run.