Ethanol Fit For "Normal" Old Cars?

I am starting to see ethanol being sold at gas stations here for about 30 cents cheaper than regular gas.

I have two old cars (hey, they are paid for, have low mileage and both still run well, so why buy new ones?) and they are a 1994 Saturn SC2 and a 1997 Mercury Grand Marquise.

Am I correct in assuming both cars would die if I put ethanol in them?

Not immediately.
Ethanol is fairly aggressive to rubber seals and hoses, so it may eventually lead to problems. It can also free contaminants in the gas tank, which will clog your fuel filter.

Also remember that ethanol (E-85) causes lower mileage than regular unleaded gas. If the price difference is less than 25% it may not be cost-efficient.