DRF aka Thrifty Bill
Join Date: Jan 2008
Location: The NC Mountains
Bikes: 86 Katakura Silk, 87 Prologue, 87 Cimarron, 14 frame school custom, 73 Paramount
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$140 is a pretty good price to begin with. Someone else might scoop it up while you are trying to save $20. Just decide how much you want this bike. Much better bike than your Raleigh.
Trek steel bikes like this one commonly sell for over $200 around here (I've sold several myself), assuming they are pristine, good paint, ready to ride, etc. Some years 330 build specs are better than other years. 1987 had Reynolds 531 main tubes, 1988 and 1989 had True Temper frames.
Have I gotten 330s cheaper? Sure, but I look for road bikes every day, in any size, in pretty much any condition. When I am looking for a particular bike, in a particular size, I usually don't get so lucky.