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Biggest issues in my mind would be the year, whether its a 4 speed or auto, and rust. Total miles wouldn't hurt either...
In any case, you can make him any offer and leave your phone number so he can call when he decides to give it away... done that before and got cars for less than 1/4 of the asking price, but if its the right car... well, you gotta sleep at night too.
I've also paid a good bit more than asking price if I thought I was ripping folks off...
In your case, I'd say if its a '72 or older with a manual transmission, and not too rusty, its probably a really good buy. But definitely best to hear it run if not drive it first.
-Matt
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