Exact same functional laptop with a bag went for 30 euro at the local auction house. A few of them actually.

I'm still trying to balance out the difference in getting an overseas one which would be cheaper but the shipping cost would be quite substantial versus a locally available one, which is almost going against the former.

I remember Thinkpads were of good quality and solid those days, but not sure how's this particular model, since I never had a notebook prior to my Core 2 Duo Dell Inspiron. I don't mind about battery life, since I almost always disconnect the battery and run it on direct electricity whenever possible.

I've got almost the same laptop (mine has PIII-900MHz). It works nonstop since 2010 when I replaced HDD and reinstalled OS.
The only serious problem with IBM T2x I heard was Blink of Death (power circuits failure). So be sure the laptop turns on then off and on again with or without battery.
IMO the computer you wrote about is overpriced "a little". And Stojke is right. 30 euro is more than OK for the lot.