Given the owner of the car is not anxious to sell, probably not financially challenged(like most people who have time to worry about what OTHER people want for their cars), and mostly the owner of the car in question, I's say it matters highly what he thinks. If he thinks the car is worth (x) to him then I'd say he has a pretty valid arguement. You don't agree because you are not a buyer. Maybe you can find a bunch of rag M3's out there in a few minutes, but I would guess that 60 percent are for sale at the exact cost of repairs to make them reliable daily drivers, then however much the normal upgrades for occasional track use. Then the rest are split into some well cared for examples that one might be able to enjoy without sinking another few grand into, and some show quality pieces that might only be driven Monthly, after a trailer ride to Buttonwillow or Laguna Seca. I'd put this car in the last class and again I'd say if you can't afford it, don't worry about it. Sean 88M3