It's just a newer model than the 226R and R1, and yes, it will sew anything you want as far as a car interior is concerned. There may be slight differences between the models, but they won't be much different. If it's in good shape, and you can buy it for $900 with a table and motor, buy it. My 226R is 50 years old and works like a champ.
No one lives forever, the trick is creating something that will.