just my two cents, but I'd let him (present owner) sit on it for a while, idea being that nobody wants a thirty one year old bike with a broken tranny. Then offer him a fraction of what he's asking if he hasn't gotten rid of it. If you can get it cheap, buy a service manual and fix it yourself. Used parts are all over ebay as well as cycle salvage yards, etc. And again, if you buy it cheap, what have you to lose if it's in decent shape otherwise? The trans problem will probably require some exploratory surgery. If you're mechanically inclined though, might just be worth it....