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I wouldn't give up on this one if it is the color and condition you are happy with.
One big advantage is that it particular car seems to be local to you and you can personally asses the condition with your own eyes. I bought my Boxster over a long distance, sight unseen, with only a PPI report to go on, and although I got lucky and it was in better condition than advertized, I'm not sure I would do it this way again.
When I was recently searching for a "new to me" car only one of the many I looked at lived up to their ad descriptions.
I also just took a look at the completed eBay listings for 97-99 Boxsters, and considering final bid amounts on both listings that ended in a sale and those that didn't (but still had bidders), it seems your seller's price is not totally out of line. A bit high, but not by much.
Edmunds and KBB prices are only a data point, although they can be helpful in negotiating a price, they have always seemed out of touch with Boxster pricing, and don’t give much value for low millage.
Anyway don’t get hung up on this one. Let yourself and the seller cool off a bit, and during this period, if nothing else meets your criteria at a price you feel is fair then go back to the seller and hopefully he will be ready to come down on his price.
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