I agree that $1200 is a lot, but I've been looking for close to 2 years and have never seen a $400 m416! Found one for $750 but it was complete trash. Nothing good on it! So when I finally found mine, $1200 was a good price for a complete straight rust free m416! (I actually paid $1400 but sold the two original wheels with new tires for $200)
It would be nice to have a cl finds thread for 416's
I found this one this morning for close to same cost
http://losangeles.craigslist.org/sfv/cto/3936477307.html
Ebay listing Buy It Now $500.00 Cape Cod
Even comes with two hose hangers mounted on the rear.
http://cgi.ebay.com/ebaymotors/Mili...Military_Vehicles&hash=item1c34f3a2a7&vxp=mtr
Box looks a tad off - but that could just be the angle. However it's in a LOT better shape than the one in the OP.