The fact that it is so cheap would scare me more than anything. I mean, why the steep discount?
Quite a few guys buy a bike, replace the plastic, thrash that stuff and then put the OEM stuff back on, so I try to ignore what the plastic looks like unless it is a very new bike.
I would think that asking the guy to accompany you to a shop of your choosing to perform a compression test is not unreasonable, but for only $1,500 the guy may balk anyway.
If you are a halfway decent mechanic (like me :D ) you can put a completely new motor in there for about a grand. The only special tool you need is a puller to R&R the crank (assuming it or the main bearings are shot) and a press to R&R the bearings. And, if the motor IS completely shot you can turn it into a 426 in the process for only $250 extra (cost of a 426 barrel). But if you pay a shop expect at least another grand (or more) in labor for a complete overhaul (i.e. deal killer). Replacing the top end only requires no special tools and is an easy job.
The only wild cards here for the motor are the tranny and valvetrain/cyl. head. These motors are good for many, many hours but eventually the valve seats and guides will wear out, probably on the exhaust side first, and the motor will burn oil and lose compression. Having to rebuild the top end AND valvetrain/cyl head may ruin this deal too.
As for the chassis, if the linkage bearings are shot this can get expensive too. Ask about his maintenance and work the suspension, listening and watching closely for any tight spots or scary noises. I pay about sixty bucks for fork servicing so the leaky seals shouldn’t really concern you.
It really is a tough and risky choice, as with any used racing motorcycle. I guess if it were me I’d ride it, pay close attention to how it shifts, what the suspension feels like, look for any oil usage or smoke, run a compression test and THEN grab it. After that I’d take it home and check the clutch and all the chassis bearings and then ride the stink out of it.
Hope this helps.
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'00 YZF