Thinking about selling, what's it worth?

[yellowt2]

A friend of mine is thinking about selling her 325i, and she isn't sure what to ask for it. She was actually going to give it to me, but my GF got pissed and said no way.

1990 325i, light blue, auto transmission
odometer broke at 98,000 miles, she thinks mileage is actually around 120,000 now

known problems:
power steering fluid leak
shocks need replacing
oil level warning light is on, even though oil level checks OK on the dipstick
paint on roof, hood, and trunk lid is oxidized and clearcoat starting to peel
rip in passenger seat
some buttons (like for the rear defroster and fog lights) seem to stick

other than that the car seems to be in good shape. I've driven it a few times, and the engine pulls strong, the tranny shifts fine, brakes are good. If the shocks were replaced it would be a really nice ride.

notable good features:
tires replaced ~6 months ago
Clarion CD player
just passed California smog check

Just checking to see what you guys think it is worth. Or if anyone wants to make an offer for it, let me know.

[Aether]

The Kelley Blue Book value (I had to fake the options on an average, since you didn't give much of a description) is $2500 for ZIP 92101. I'm assuming that's somewhere near where you are.

[MrM3]

i'd offer $2000. steering rack = ~$800, shocks = ~$400 if you need to pay for labor. when was the timing belt last replaced?

[yellowt2]

wow, I feel stupid. Forgot all about Kelley blue book.
I started browsing the forum here when I thought I was getting the car, and this is the first place I thought of to ask.

Don't have a clue on the timing belt. She maintained the car well until ~10000 miles ago, then decided she wanted a new car and didn't want to put any more money into this one. She let it sit in the parking garage for a few months before I resurrected it with a new battery.