My dad offered me his 1992 Lincoln towncar Signature series. Has all options including traction control anf JBL subwoofer & sunroof etc.. The car has 175,000 miles on its original 4.6 engine. Will this be a good run around car or should I pass it up. I would still rather find a manual shift car as a run about car.

big *** car, I hope you dont mean for winter driving?

Old 4.6, probably burns oil through the valve seals. Alright, it'* probably an AOD, give or take an E, which is a tough tranny, but probably getting to the end of the tunnel. The trans is what I'd worry about. If the engine hasn't been abused, but has been maintained, it'll last quite a while yet.

Nope for winter driving I drive my F150

Yeah iI get that blue puff of smoke after iddling. He says its done that for years

Personally i'd drive the towncar instead of that nice truck for most winter days.
You won't have to worry or car about someone sliding into it or ding'ing it, etc.

Then if/when the towncar dies: you aren't really out anything, you have the truck to fall back on, you'd get a few hundred from the salvage yard, and less salt & wear-n-tear on the truck.