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what's a good price for a 90 wagon with 203000 miles? 200 1990

i am interested in purchasing a 1990 240 wagon that has 203000 miles on it. I have test drove it and everything seems to be working. The body of it looks excellent.it has no rust and the paint looks almost as good as new.tires are about 50%. the drivers seat has a couple small tears.the carpet looks good.I was told by the owner that he would take 1500.00 for it and that was as low as he would go.Is this a good price? what should i look for to be wrong?no leaks,trailing arm bushings are good, no floor rust.What gives?any help is appreciated.






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