That's pretty high for such an old bike. Also, if your state requires a title for this type bike, but the owner has lost the title, he can file a lost title request for $8. Two week later, the owner has a title for the bike. If the seller is unwilling to do this, the bike is stolen. So, no title, no money.
By the way, if you purchase a hot bike, and the police take the bike from you, you will never recover your money.
Rick