gossameer -
Another '95 Contour experience...
I've been very pleased with my '95 GL Duratec. Traction control is cool; zipping out of stop lights in the rain is a piece of cake. Between traction control and ABS, the car always feels stable and in control.
I've had few maintenance problems (note that I only have about 65K miles on the car; I drive my Mustang GT whenever the weather is good - it has 207K miles). I replaced the water pump myself at about 55K miles, purely as a preventive measure, based on this board's recommendations (if you're curious, this is what the original pump looks like, as removed; it was still in fine shape:
http://mywebpages.comcast.net/philiplindberg/contour_water_pump.jpg ). Not a tough DIY job.
My IMRC solenoid failed (as noted earlier, '95 has vacuum controlled IMRC). This problem showed up as a lack of power in higher RPMs. Changed the solenoid myself (Ford-only part; $35 IIRC).
One advantage the '95 has: Since it's a pre-OBDII EEC-IV engine control system, you can dump codes without a scanner. This was how I diagnosed the IMRC problem.
I've always maintained the car carefully (Mobil 1 and Motorcraft filter since new, changed every 5K miles or a little less), but I'm not anal about it either (still have the original plugs and wires; no problems). I've only done regular maintenance (fluids, filters, brake pads) and the items noted above.
Oops - wait: I did have a problem with the front sway control bar, but it was just the positioning fitting (which started sliding). My quick fix was a hose clamp - which is still there, and still works fine.
My Contour theoretically has the failure-prone wiring harness - but I've never noticed any problems. I've checked a few of the problem areas and see no cracking, etc. This may be a result of how I use the car (as I noted above): It hasn't had very many hot summertime miles that may contribute to harness degradation.
Given my Contour experience, buying another one wouldn't worry me. I'd be more concerned about the maintenance history of the car and any evidence that its been driven abusively (which should be your concerns of any used car). I'd check on the water pump, but it's not that big a deal to replace. However, if there was evidence that the wiring harness was failing, I'd probably walk away. It'd be hard to justify putting that much effort into the car, even if it was really cheap.