I can see why he thinks that as he is working back from what he has spent, what he thought it was worth and therefore what it is now worth.
Unfortunately, he's monstrously biased and not looking at it through a buyer's eyes. Let him know your offer is still there and assuming no one else feels differently I imagine he might yet accept it.
Aesthetically it is a decent looking car. Not so sure on the black scoop personally, but that is a minor personal taste point!
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