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jackc
@miro_o
Shutter speeds
I usually set the shutter speed to 1s and see if it's on. That's usually going to tell you if a shutter is slow (the most common problem with old cameras). Do this with the lens off looking through the open back of the camera ... you can sometimes spot if the shutter is slow, sticking or not returning normally. Have a quick check that other speeds are appropriately different, this will be a bit more guesswork.
Aperture oil
With the lens check whether there is play in the aperture and focusing rings. Close the aperture down and lave a look at the aperture leaves through the front of the lens. You might see a bit of wear at the point the leaves rub over each other, that's ok but any oil there is not good and will probably cause a slower, less snappy aperture and moisture in the lens. This is a bargaining point rather than a deal-breaker on a cheap camera.
Fungus/haze
Probably the most important thing is to check for shit on the lens elements by holding it up to a strong bright light. You'll see some dust (not a problem) but look for haze (in the centre) or anything that looks like fungus threads (towards the edges of the glass elements). Any of that and it's no good really. If you bought it on eBay it's a return.
Curtain damage
Stick the camera on B setting and hold the shutter down to take a look at the shutter curtain itself. On something like an OM1 or Leica the curtain is fancy pants cloth and needs to be clean. On newer designs they're various metal contraptions. Just look for obvious dents on those.
Viewfinder bogies
The other thing with SLRs is to have a look through the viewfinder against a light. A bit of dirt in the viewfinder can sometimes be cleaned with the camera apart, same with any fungus (which can be in the finder or on the finder prism). More often than not it's impractical to repair.
And lastly check the battery compartment for corrosion. Do these checks and that weeds out 90% of the shitty cameras.
General thing
Electronic cameras (like most compacts) can just die ... whenever. The more mechanical cameras (the ones that only use a battery for the light meter) are really tough. If you get a good one and just be aware to try and limit prolonged exposure to moisture or heat, don't sit it in a car/house window in direct sunlight and they'll last decaaaaades.
... that was a bit epic but hope that helps.