Thanks, all. The worst visible parts are the suspension components. Fluid film can be sprayed on those, right? This car is just to get my son through college, so I don't think I am going to keep it more than 3 years.
My mother just gifted my son an outback. It has 112K now. I just poured some money into it to catch up on some maintenance that should have been done earlier. It has some rust underneath that doesn't look terrible. Everything is still solid and it passed inspection no problem. I live in VA...