That price seems very steep, considering the mileage, as well as the transmission issues. The transmissions are very costly to replace. I was considering a 86' 560SEL a while back with 188K for $1000. Body wise- it was in very good shape, as was the interior, but the transmission had issues. I called around to local transmission shops and all said between $1500-$2500 to repair. Even without the transmission problems, I think $5800 is too much for a 87, with 265K- perhaps if it was absolutely like showroom new- maybe. Remember- high miles- little things can start going wrong. Before you know it, you could have $10K+ invested. I would shop around before I made any final decisions, or talk the owner down to $3500 at the most. Good luck.

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2004 Toyota Sequoia Limited 4wd
1991 Lincoln Town Car Executive
1991 Cadillac Sedan DeVille
1988 Mercedes 300SEL
1972 Chevrolet Caprice Kingswood Estate 9-passenger wagon
1973 Pontiac Grand Ville
(Prior MB's: 1974 240D, 1985 380SE, 1984 190D, 1993 400SEL)