That is correct. I have the same car for sale. Its probably one of the nicest driving / riding cars I have but very under powered. Mine has 84K on it for 5000.00. Had it going on 2 years. Done some work to it but sadly no serious offers. I've read that the trans and diff wont stand up to any real power needed to make this car a fun driver.
Car was moved onto the Eldorado/Toronado platform for '79. All the engineering that went into making the cars FWD, it would have been cheaper to have kept them traditional body on frame, RWD, imho. Buick V-8 was killed off following the '80 model year leaving Cad, Olds, and Chevy. Pontiac's was killed following the '81 model year. Posted a very clean '84 that just got dumped at the Tucson U Pull It, in the parts car/junkyard jewel section, not much interest, though.