To hell with the wheels and taillights. Does it run and drive good? Is the body straight, or does it look like someone did body-work with Silly Putty? How about the title...is it branded?
If it looks, runs, and drives good, and has a clean title, I'd think the price is reasonable, but negotiate. Just don't give away too much information--if the seller knows you really, really like the wheels and taillights, he might not drop the price at all.
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