It could be--that's a pretty fun car to drive--but since it's that old with that many miles, I'd take it to a mechanic and have it inspected first. That might cost you $100, but it's worth it to find out whether it has any major things wrong with it before you buy it.
To Aricka: A safety inspection is not the same as a thorough mechanical inspection to ascertain what kind of overall shape the car is in, what it might need done, etc. These inspections take about an hour and if you can find someplace that will do it for $12, good luck with getting a thorough job done!