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Possibly buying Mustang- First Car

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Ace of Speights:
Hey everyone, I've been looking around for my first car and I came across a 1988 Mustang. I dont know alot about cars at the moment. I'm wondering if this sounds like a good deal. Here's the description in the ad:
      PRICE DROP! baby is here and this car needs to go! not good for a car seat if ya know what im saying.
Authentic 5.0L, had a Full motor rebuild last year. very low k's on the rebuild, Upgraded intake manifold, straight through exhaust. 2x 12" MTX subs, AMP included. DVD Player in dash and headliner.viper alarm system, 2 12 inch subs not in the box included that arnt installed on the car,monster tach not installed aswell included, Runs great, needs nothing. Very fast, very loud. Needs to go

He is asking $4200CDN ($3900USD) I may be able to talk him down a little.. not sure
I plan on checking the VIN# and taking it to a mechanic before purchasing. Is there anything else I should do? Anything I should look for when inspecting the vehicle? Like I said it's my first purchase so it's a bit overwhelming.
Any help would be greatly appreciated!
Thanks in advance!

Soaring:
Get one of those refrigerator magnets to take with you.  Check the quarter panels and the bottom of the doors for any rust.  If the magnet sticks, then It's OK.  If not, then there is bondo (or it is plastic) there and says it has been wrecked or rusted out.  Check the oil for water.  It will bead up on the stick if there is.  Take it out and drive the shit out of it to see if it heats up or smokes.  Notice if there is any whining in the transmission or rear.  Take cash with you, and offer him about 3K for it, then see what his reaction is.   Take a print-out of the Kelley Blue Book value with you to show him that it is listed for about 2 thousand dollars.  His price is too high. 

Thierry:
Yes but Ace of Speights seems to be in Canada and it's impossible to find a decent Fox Mustang GT under 4 000$ in our country. :(

Ace of Speights:
Thanks for the reply Soaring.. it helps. I definately don't think I will be able to talk him down to 3k, but I'll try and get him down to 3.5k. If not, and the car is in good condition I still think I'll buy it.
Thierry, is that what kind of mustang it is? Fox GT?

Thierry:
Fox is the name given by Ford to the platform your Mustang was built from, not the name of the model. They were used for the 1979-1993 Mustang, Mercury Capri, Mercury Cougar, Ford Thunderbird,  Ford LTD, etc...

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