Handle it to see if it seems to functions fine (slide, safeties, etc). Check out the bore, clean, shiny, with lots of rifling is preferred. Check to see if the sights are not buggered, and put a pencil or plastic rod in the barrel (eraser down) to see if the firing pin strikes strong. Check to see if the magazine is original (should be pinned at the bottom, faint pin heads at the base of the mag can be seen), and if the mag is marked .32 Colt and or gray/silver top/blued finish lower on magazine. If all is good, negotiate a good price depending on the amount of bluing remaining, and if it has been refinished (avoid a refinished gun). If you can get a decent specimen for around $300, you SHOULD be good to go. Any thing that detracts in the above mentioned, deduct accordingly. A nice factory mag or barrel is worth $75-$100 on their own.