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Zip: Based on the three photos, $1200 seems very dear to me! There is clearly a huge amount of bodywork to do. Looks more like a $200 truck to me! You'd be better off bringing a much better specimen up from our southern neighbour.
Last year, before all this economic mess, I was offered a '76 Highboy in excellent overall shape for $2200 - that was the asking price. New paint, tires, brakes etc. The only problem was that it had the 400 engine/C6 and I want the 300 six with the 4 spd.
Yes it needs extensive body work. Drivers side floor has some rotten spots. Not very many panels that would not need some massaging.
I can't buy it at that price anyway. If it still sits there in 6 months I'll try and lowball the guy. About the only real positive is that it does run.