5 speed manual is pretty rare. I bet that would be a blast to run around in. It's a 6 right? A 2.6 M103?
120k is only 5500 miles per year. If you can document that and the car isn't beat or rusty, probably not too bad a price.

I'd pay 2500 to get my '91 back today in the condition it was in when my daughter totaled it! (Insurance payoff value in 2001 was 7500 w/144k on the odo)
Where is the car? If you're not interested, let me know.
That said, yeah, it is a 22 year old car, but so's my head turnin' 88 300CE.