Steve,

   That is too much money for a 14 year old car.  Even at Kelley Blue Book
the top end on that car is $3,000.

    Make sure it is the fuel injected engine, which it should be if it has
the power options.  If it is the B21 engine, those are notorious for burning
oil.  My Prelude is a 1988 and has the B20 engine, so check with someone
about the B21 engines.  A google search should tell you more than you need
to know.

   If that car really has only 72,000 miles-- that seems so low.  That
would equate to only 5100 miles per year.  That car must still look brand
new.  Check under that hood.  It should look a lot better than your normal
Prelude of that era.
    The timing belt will need a change immediately if it has never been
done.  I do not care how many miles-- it has been 14 years.  I would be
surprised if it is original.  Factor the $400 into the cost.

You should be able to get that car for $2,700 or less.  Unless it is cherry
mint perfect-- paint, seats, engine-- I would try to negotiate off that
price instead of $3,200.

Good Luck,

Matthew Brown
Memphis

Do you know about the edmunds.com online appraiser? Go to

http://www.edmunds.com/tmv/used/index.html?tid=edmunds.g.used.secnav.3.1.*

and put in the relevant information.

It seems to pretty much back up what Matthew said, but that's for my zip code,
which is nowhere near yours, and I made some assumptions about options and car
condition.

good cars, not as quick as they put on.  the 2.0 engine is very
advisable.  with only 70,000 miles it should be able to do another
50,000 relatively easy.

ask for maintenance records.  

-timing belt changed (should be done, if not have it done (~$250
including labor at dealer))
-clutch/tranny (slippage, grinds?)
-check belts/hoses for wear
-check axle boots for leaks/cracks
-change fuel filter, plugs/wires (if still OEM)
-if possible, have a friendly mechanic quickly check it out

sounds like the worst thing on any car in that area might be roadsalt
and rust.