I would avoid it. I would also only buy a car like this if it came with a decent warranty or you took it to a shop of your choice to get it inspected first. The most expensive and risky parts of a car are all internal and require a proper inspection. Alternatively if you got a fantastic deal from a trusted person that's trying to help you out (which must be distinguished from a charlatan telling you they're helping you out while ripping you off).
You have the right idea though imo. A Corolla with less than 150,000 miles is right in that price range and is the most likely thing to keep chugging along for years.
I think there are mods and admins that will panic and so banning won't be possible without drama.