I am looking at a used bike to buy as my first bike. I am trying to figure out what's a good price for it. I'll describe it as best as I can.
It's a 1993/4 (not sure) Kawasaki EX500 with 31,000 clicks on it. It's been downed a couple of times, I am told, with some small scratches on the lower fairings and a slightly bent rear brake pedal. The two front turn signals are broken and need two new ones. Also the chain looks rusty and is in dire need of lubrication. The tires look like they need to be replaced: there is still some tread left, but there is possibly some dry rot. It has not been run since last year till today. I don't think the owner properly stored the bike during winter (did not drain oil, gas etc and whatever else is done for storage). I saw him start it up today after installing a new battery.
When the engine is running, I can hear a sound similar to a chain slapping the sides, coming from the engine (a loose cam chain, maybe? ). Also, when the engine is shut down, it stops with a distinct clunk at the end. Could it be that the engine needs some serious repair work? I do plan to take the bike to some place like BK for inspection before buying, if I decide to buy it.
Coming back to my reason for this post, what could be a good price to buy this bike for, considering its age, kms and condition? Also, is it possible that I might have to spend some serious change on it before I can take it to the streets without worrying? I know its a subjective question based on little information but all opinions and advice are appreciated.