Need advice on purchasing 65 GT Fastback

I bought this car in '96 and sold it to a friend within a year when I left for the Navy. Now I get a call saying he wants to sell it and would like me to have it.

Here is the scoop.
1965 GT Fastback bought for $3600, he says he has receipts for about 12k in the car. However, he basically did all this work until summer 99, from then on its just been driven.

Its primered right now, with no bad rust. the motor is a farily well built carb'd 302. The interior is pretty butchered, rear seat is pulled out with a piece of metal placed between the interior and trunk. The front seats are gone and some newer import seats are in it, he modified the rear side pillars on the interior to allow the seats to fully recline. Well you get the point.

The car is an auto, he has done some chasis stiffening, SFCs and what not. He says there are no wiring problems.

It needs shocks, and he said it could benefit from an alternator upgrade (I guess it has the original with voltage regulator).

So, he wants to sell it for 7500 to me. Do you think this is a fair price? I know its subjective, but in general? He said he is just going off of what he's got in it, not what they are going for on ebay and such.

Thank you for any advice you can offer.

Thanks for the info. Nada shows low retail at 7300. the car is probably just below low retail according to their description. I'll check out that link.

I'm in NM, the car is in AZ.

Just talked to him again, and offered 6k. He said he'd take it.

I guess its a decent deal, haven't decided yet.