Typical things for a car of this mileage. The worst is the engine burnt an exhaust valve at about 265,000 miles. The car still runs (although not well) and I was driving it around for a while before it developed a coolant leak as well. The power steering rack is failing, the front suspension is worn out. Just about anything that has gone wrong is certainly expected on a car with this kind of mileage.
I bought the car for $1,000 and it doesn't owe me a dime back. I've driven it accross country a few times, and its always gotten me there and back. Any problem its developed was never debilitating enough to prevent me from driving it. Even to this day, I can go out and turn the key and it WILL start, run, drive, and stop.
I bought a '99 Saturn to replace this car as a daily driver when it started getting to the point where I could no longer trust it for my long commute. The Saturn, although newer and with 1/3rd the mileage, is nosier and has had more "little" things (like switches and trim panels) go wrong than the Taurus. Even all power windows and locks still work in the Taurus. I find that truly amazing.
Sounds good, all Cars need Steering Racks/Front Ends after the 250k Mark, well done you have paid the Loan, and it is still worth throwing 1k bucks at it to enjoy a years worth of car loan free Motoring, absolutely resplendent.
Funny thing is, I am having the exact same problems with my 93 3.0 at 280,000 miles, but those are just minor problems when it comes to the condition of the car. If you know how to take care of an engine, it will last even more than you expect. Other than those small problems, the car drives like a charm. It is a good car and the only reason why people regret their Taurus is they did not take good care of the car.