To buy or not to buy?
 

I used to have a 88 RX-7 SE. I had to sell it, but I really miss it. Few days ago I was just looking at cars for sale in the paper when I came across a 88 RX-7 convert for sale. It's black, 121,000 miles, manual, some rust, and has some slight body damage at the front (bumper) , needs new tires and has a slightly faded intrior. It has a newer clutch and brakes but no other service history. PO states in runs well with only a wiff of smoke on start up. Asking price is $1550. I was thinking about an offer of $1200. I wasn't really looking to buy one, but I will if I can get a good deal like this (?) What would you say the car is worth? Should I do it? Thoughts or opinions?