When to make a car a parts car?

A local kinda car lot has a 65 Galaxie 500 2dr hardtop sitting. Stopped and got out to look and his DEW started barking. The 390 is out and seized in the back yard. No windows, interior is shot and some rust. He is asking $2,500CDN. I walked.
Heck man, that is a $4000 car in Texas Marketplace!!! Maybe $5000 with the big block!