The nice thing about the Kat's oil-cooled motor is that it'll run damn near forever - we have at least one member on the site with 100,000+ miles on a '98+ (i think?), and it's still going strong...

Unless the bike has been down a lot and sustained a lot of damage, you should easily be able to get a season or two out of it without any major concerns.

I'll let the other guys sum up the "what to look for" part - I don't know too much about the pre-98's. I'm sure Cyber will leave you a list of points to check out soon enough....

Here's my pre-purchase checklist:

CyberPoet's What to check for when buying an used motorcycle

In general, any bike can be good or bad, mechanically, electrically, or otherwise, irrelevant of age and mileage. Personally, I'd rather have a 4 year old bike with 30k miles than a 15 year old bike with 8k miles, because the newer bike is more likely to have not been ignored for any significant amount of time.

Particular things to check to that age/model:
(1) Compression test. Do not buy the bike without one.
(2) Leaking fork seals.
(3) Transmission 2nd gear issues (inability to hold 2nd gear or failure to find 2nd gear reliably on shifting).
(4) frame damages, notchy steering stem bearings.
(5) sewwing machine noises at idle (indicates bad cam chain tensioner, possible other damages if left untreated too long).
(6) rust in the gas tank (flashlight, peer down into it closely -- should look like raw grey steel if in good shape)

IMHO:
You can get a late-model (98+) for $3k if you shop wisely. They may not be as pretty on the eyes, depending on your tastes, but all the parts are still available via the Suzuki supply system and the odds are the bike will be in less need of repairs due to age-based problems. The older the bike, the more likely you are to to run into problems with rubber parts that have dried out and gone past their useful lifespan, meaning more repair purchases than you might desire.

Whatever you get, have a mechanic or shop check it out if you don't have the skill/patience/tools to do so yourself (or just follow my list, from the link above). Don't skimp on the compression test and the frame check.

Budget $450 - $700 off for immediate services and repairs. That will include a full 15k service (oil, filter, valve adjustment, safety checks), plus replacement tires/chain/hoses/etc. Odds are not all of these items will need replacement, but odds are some of them will because owners tend to push off such things when they start realizing they are going to sell a bike.

Good Luck!

Cheers,
=-= The CyberPoet

Get as much info on the bike as you can.. get any maint records the owner may have. Remember just becuase it has 20000 miles on it doesnt mean its over the hill. If the owner took care of it u could have a great find on your hands. But cover your arse and check out everything you can on the bike. Use CP's link as a good guide and ask alot of questions.

I had a 1988 that I ran up to 49,000 miles. keep fresh oil and stay away from redlining and it may outlast you!!!

My 91 has about 43K on it with no serious issues other than typical maintenance and I ride the piss out of it.