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I'm buying a vehicle and the engine light and airbag light is on. Should I be worried?
Yes, you should be. In most cases, an illuminated engine or air-bag light is an automatic fail for any roadworthy inspection. The problem could be as simple as a broken clock-spring (a spring in the steering column that allows the steering wheel to turn but still maintain electrical contact between the air-bag and the rest of the car) or a dud oxygen sensor (which will trigger a check-engine light) but equally, there could be a major fault or malfunction which will cost lots of dollars to put right.
Electronically scanning the vehicle will give you a better idea of what the problem is, but I wouldn’t be handing over the cash until the problem has been diagnosed and a repair-cost estimate figured out (and subtracted from the asking price).
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