Replaced the engine when the oil pressure got low. Previous owner had run it out of oil due to the fact it had a leaky (bent) valve cover and leaked oil, and didn't pay attention.
Normal maintenance items such as brakes, ignition, tires etc.
Replaced the carburetor at 130,000 miles when the EEC valve blew and caused the carb to be filled with charcoal from the canister.
My only complaint with the car is that it could use about 20-30 more ft. lbs. of torque from the engine. Having said that, it's a car I have wanted since they became available and the one I have even has a 120mph speedometer!
As has been said here, many times, it is truly the last great American automobile and I plan on having this car for the foreseeable future. I might upgrade the engine to a 350 though. ;)
You may get some negative comments about the engine, but I'd replace yours with a late 70s Oldsmobile 403. You'll have all the torque you'll need and still be able to meet emissions compliance!
I would leave it with a 305 in. this is the best compromise of power and economy, there are many tuning bits available too and it's an awesome engine. mine had a 4 barrel carb on it and if you were careful 25mpg was possible.