If you are stick shift lover, you will fall in love with this car. That is, of course, if it is in good condition.
There is really only one Achilles heel with the 124 and that is the climate control system. The early cars including all '86's had bad valve seals. If it turns out that it uses a lot of oil, it would be best to pull the head, put in new guides and updated seals. The integrity of these engines is mostly in the head anyway, so you would be doing a lot to improve the engine in every way, fuel mileage, oil consumption, performance, etc.
Check out the Climate Control thoroughly and try to find out about the oil usage.
My '88 stick shift car has gone over 200,000 miles now. I now use it for an every day car and it is not what it used to be cosmetically, but what a fun car to drive on a daily basis. And the reliability is superb. I wouldn't be afraid to get in it this morning and take off on a 3,000 mile trip. All I would do is check tire pressure, fluid levels, top off the tank and go. And I would make a healthy bet that I would make the trip with no problems.
Most all cars have weaknesses of some description. Unfortunately the 124 is no exception, but IMHO, all in all it is one of the best cars ever built.
I wouldn't take $7,500 for my car unless my family were going hungry.