He might be a little high, but not ridiculous. Jeeps hold their value like few other vehicles on the road.
With any 15+ year old vehicle, expect a lot of up front maintenance type repairs, and as was stated before, the springs are probably shot and need replacement. If you can get him down to the $4,200-4,500 range, you're doing good. That'll leave you $2,00 for the inevitable repairs/upgrades you're going to have to sink into it.
1996 White ZJ
1987 Maroon YJ (sideways build)
1996 Forest Green XJ
The "sideways" build thread:
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