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I just purchase a 73 p1800 es wagon. I got it running but need to complete a tune-up. It was sitting for about 4 years. When I drive it I start to smell a burning smell towards the rear of the car. It kind of smells like burning rubber, I thought it might be burning fluids that leaked, or possibly thought It might need the gear oil changed or filled, or possible brake calipers having a problem. These are all guesses of mine. I do notice small smoke coming from the back left wheel once I park it. This happens only after driving a few miles. Please let me know your thoughts of what it might be.

Thanks,

Vladimir
 

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I'll agree on the caliper too. Just had mine re-built this spring because of the same issue. Typical problem of sitting too long.

You can check one more thing. If you take it for a short run again and get more smoke, feel - but don't touch - the brakes. If the smoking wheel is hotter than the opposite wheel it's a caliper seized on.

On the chance that it's equally warm on both sides (a pyrometer helps) it could be an axle oil seal leaking onto the hot brake caliper and smoking. You would smell a stong odour of gear oil.
 
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