Unless an old bike like that is in exceptionally good shape, that ^^ is exactly what will end up happening. At least it did to me. This is something I would expect to see at a thrift store for half of that price at the most. Not that it's a terrible bike, I love Chicago Schwinn roadies, and I ride an old Panasonic. But, old bikes are like old cars, sadly...most of the time they need more work than is necessary to justify the price. Try and talk the guy down and see how he responds. Or, do like I did with my Panasonic, say screw all you guys, and just pull the trigger and have fun with a sweet project.