So the long story short, the deal didn't happen.
I went to the dealer first thing in the morning when the doors opened. This camera shop tends to get pretty busy during Saturday and their sales staff tend to spend a lot of time on each customer. I didn't want to compete for their time. Spent about an hour explaining and discussing the camera with their local Leica expertise. They agreed with a lot of my concerns over the camera and examined it themselves. In short, minus the cracking vulcanite they loved the cosmetic condition of the lens and body. It was an example of a camera stored away and forgotten. Unfortunately, not stored in the best of environments. However, they were not happy with the way the camera's feel and sound. The advance lever was significantly stiffer and rough feel. The internal mechanics were not as snappy nor as quiet as it should be. In essence, the camera didn't have the smoothness you'd expect from a cared for or even a well used Leica. Unless cleaned, the lens was not usable.
I started to think that they might be biased as I've been in that store a few times eyeing a few Leicas that have passed by. They know I'm serious about buying my first Leica and they would rather it be from that store. Not that I would ever think they were dishonest. I've done lots of business with them and I was never steered in the wrong direction. Anyhoo... They brought out 2 examples of M3 Leicas. Both showed a little more signs of use.. still in great condition but had "character" built in over the past 40+ years of use. One was advertised as in need of CLA ($500, SS) and the other was one I had examined before a few months prior. A DS M3 that was completely serviced, vulcanite covering replaced, and in perfect working ($1000). Now that I had something to compare, I can really tell the difference and understand what they were trying to explain. They even showed me of the ugliest beat around M4's I've seen... Despite its cosmetics, well used condition, and obvious need for CLA service, it still had a better feel and sound to it... throughout the range of shutter speeds. How surprising!
We then discussed my options and how much $$$ it would take to bring the camera in question into working order. In short, the hazy 50mm would cost about $100 and repairs on the body would start at $350 including new leatherette. No way to know the final cost of the repair until the camera is opened and an estimate was made. Estimates takes approx. 2 weeks and the repairs take between 6-8 weeks assuming the repairs are not overly complicated.
On my way back to the sellers home, I put a lot of thought into it. I started to feel that this beautiful looking camera can potentially turn into a money pit. This was my first Leica and I didn't want to start off with a bad impression. So I gave a very low offer halve knowing for sure he would not accept. He didn't and I returned the camera and back to work. Yes! I managed to fit in work in between all of this driving around.
So a few hours go by at work. I decided to again, make the trip back to the camera shop. At that point, I had decided that I wanted that M3 that I had eye'd for a while now. After about another hour of debating between a very nice M6 and the serviced M3, I decided to pass on the new up to date design of the M6 for the M3 that I've wanted for quite some time. Sales rep. demonstrated loading film and even threw in body/lens caps, metal hood, and UV filter.
So will the Leica "addiction" start.. we'll have to see... One thing is for sure.. If it has "Leica" written on it, Its expensive!
Moral of the story. Don't judge a camera by its cover.
Off back to catch up with work. cheers.