Heya JayBo - although I'd say it is overpriced, it is a nice example on an 80 inch.   If you are going to be doing the work yourself, then you'll save money there.  
In order to maybe give you some idea of what others here have paid for their vehicles, let me share this with you.....
My vehicle was also overpriced, I suspect  - I payed $6500.00, but he wanted $7500.00....
- I payed $6500.00, but he wanted $7500.00....

but I could drive the vehicle around the farm it came from (they had to drag me out of it) and straight onto this trailer to take her home.  The chassis had been fully restored (zero rust - good as the day it was made), and the gearbox (reconditioned apparently), steering etc - all very good.  Engine is Rover - always starts first pop.  Has door tops and a fairly new tilt.  All the panels are / were in great condition.  Very minimal rust on the firewall (there is none now!). So I could see why he expected a wad of cash for her.  I think your seller should appreciate that if these types of things have not be done to the vehicle, then his price is probably unrealistic.
Having said that, in the end, it's not exactly everyday a Series 1 80 inch comes up.  I kind of hope you buy it, but I would also hope the seller is willing to come down some on his asking price.  Maybe if you turn up with 20 $100.00 notes (with maybe a few extra in your back pocket) and put them on the bonnet he'll see things differently.  
Good luck.  
				
			 
			
		 
			
				
			
			
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