I'm looking at purchasing an 94 Olds 88. When I took this car out for a test drive, everything worked fine, except there is a LOUD low winding sound as it moved down the road, at any speed. Could this be the transmission, and if so, what would be the worst case scenario cost wise?

It's the tranny making that noise. Don't buy this car as a new tranny or fix this one is not cheap. Buy something else.

It could also be simply an axle/hub bearing.
Tell the seller you would like to have the noise properly diagnosed and then renegotiate the purchase price.
If that's all that's wrong with the car it could still be good buy.

It's the tranny making that noise. Don't buy this car as a new tranny or fix this one is not cheap. Buy something else.

Thanks to Twink & Captain. The owner won't allow a mechanics inspection. So I agree with the Capt. I won't buy it.

Oops, that should have read, "I agree with Twink".

Any seller that will not allow an independent inspection by a mechanic is most likely hiding something. Good idea to steer clear.