Puget Sounders, lowball teener Options

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I drive buy this forlorn looking teener every day. It's been sitting next to the road for about 6 or 7 months for sale. Not very actively though. The sign fell out of the window about 5 months ago. Anyway I'm wondering what it's worth. My wife thinks we should buy it for parts,which is not a bad idea in an of itself. The problem being I stopped to look at it one day and poked my finger through the quarter panel behind the passengers door. That made me walk away without much more inspection. Didn't know what the hell hole is at the time, and now that I do it gives me a different perspective on the whole thing.
it's a 73,not too bad looking, faded red paint.It appears to be all there, the sign said it had a G50 trans and side shifter. I think it may run but not well. Like I said it hasn't moved in some time. The owner wants $1500. I haven't talked to him or got much more info. I'm thinking of pursueing this further but wanted some other opinions. Judging from my rather short inspection I think he's dreamin but I'm new to teeners. So give it to me down an dirty. Hiball,lowball, is it a sawsall party in the makin? I am going to go back and inspect the hell hole soon and go from there. What else should I look at? Thanks in advance for the input ,all is appreciated. (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif)