I was never enamored with 1st Gen Town Car. 4000 pound car with a 150hp 5.0l engine. The AOD of that vintage wasn't the best.
Add that to a ride that is 36+ years old with 40,000 miles, which means it sat for much of it's life.
In my experience, most cars that sit for long periods of time are ignored. Some systems of a car this matters not. Other systems do not do well.
That shows up in the exhaust system, the pipes that go into the mufflers. Leaking a little now. The engine was run a little and maybe not enough to heat up the system to evaporate the moisture of the mid-west.
Wonder how old the tires are?
There paint dings as shown
The front seat leather does not look like the rear seats. Speaks to the leather care/treatment that was done.
If this car was perfect, (And it isn't) I would not pay over $15K. It isn't a design or generation that has much appeal to me. It is one of the last builds before electronics took over heavily. Plus, this example is NOT a designer series either. And the company was struggling to meet CAFE and safety standards with some older technology.
With that said, someone will buy it. Maybe at some thousands less than the list price, but it will be sold.
Certainly, the seller is marketing all over the place and is giving the "Gallery Guarantee". Interesting gimmick.
However it isn't something that I would consider. There are far more interesting Lincolns in that price range that I would consider before that model.
Action
As a post script, there is a white 89 Town Car with 15,000 more miles listed for $12,500.
And look at completed sales for an idea of what the market is paying.