If it's a genuine 175,000 that sounds like a fair price, $2,800 is a cheap car whichever way you look at it. Though they had stock 304s as the other guys said, a few bolt-ons will transform it, and the FE2 suspension is part of the fun, Berlina interior... So no, i don't think they're just another VP executive.
I bought a VP BT-1 a few weeks ago. I paid $2050 for a car with 243,000. Was a bit concerned about the k's but the guy had replaced everything in the front and rear suspension so I figured it's only a toy and it's not much more than pocket money... Few little things to sort out but the engine and trans are solid. Came with genie headers and a redback exhaust, i think it's probly got an aftermarket chip too. No regrets, your 175,000 kms sounds very attractive.
i was surprised when I looked under it to find a live axle - no IRS. it's an LSD but no IRS. It's an October '91 build and maybe that's the reason, or i wondered if the live axle was a cop preference over the early IRS.