I’d say that it’s got a load of condensation sat in the exhaust and it’s chucking it out. You do see these with head gasket problems tho. Also turbo issues if it has been neglected. Tho it sounds ok. I suppose if it’s cheap might be worth a punt if your willing to take the risk of a big repair or not so big if you can do it yourself.
There’s the old saying, not all cars at the auction are bad, but all the bad cars are at the auction.
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