I think $260 is on the high side. The 140 is a $150-$200 gun at best. I've seen them sell for as cheap as $120. Keep in mind that the 140 is a cheaper version of the 1400 and the 1400 was a low end semi. It will likely have a stained birch stock instead of walnut. They're not a bad field gun but like the 1300 they don't stand up too well to high volume shooting. The spring ejectors are prone to breakage and I have seen a number of them that have trouble cycling light loads when they start to get dirty.
If you're looking for a used semi in the $250 range I would look for an older Remington Sportsman 58. They can easily be had in that price range and they're a far better gun.

 

$260 is what youd expect to pay for the 1400 with winchokes and vented rib, not the 140, parts are prettey hard to come by also, when you do find them they are not cheap.
I have a 1400 in 20 ga that I shoot trap with every sunday, had to replace the cocking handle....cost $35 and I only paid $50 for the gun brand new.
Keep em clean & they will shoot as expected, but look for a better 1400 or Remington 1100.

 

The absolute best, hands down winner, top of the high heap of gas operated semi auto shotguns was the Winchester Super X Model One. They cost from $300 to $450 thirty years ago, and were worth every penny.

The 1400 series is older than the Super X. The Super X was based, loosely, on the same general shape as the 1400, which was loosely based on the Winchester Model 50. The 1400's have a lot of that same feel, handling, and pointing ability that made the Super X a legend. At half the money, or less.

The 140's are just cheaper versions of the 1400. Yours would have Winchokes, which is a very good thing.

I've owned a few 1400's. They also do an excellent job of damping recoil. I remember one I owned with a hard plastic butt plate that was truly a "kickless wonder".

Winchester shotguns are, or at least were, famous for their shooting abilities. Count on your 140 to shoot great patterns.

The only bad side, is that all of the 1400 series, from the lowest 140 to the highest grade Model 1500 XTR, were an corporate exercise in how cheap a semi auto shotgun could possibly be made and still shoot. Everything, everwhere, inside them is made of flimsy pot metal, stampings, and cheap springs. Contrast this to the Super X Model One, where just about everything, everywhere on the gun is made from the finest Winchester Proof Steel

I would imagine that a fairly active target shot would wear one completely out in a year.

However, mine never gave me any trouble. I also didn't try shooting them ten thousand times a year.

I almost bought a near perfect Model 1400 12 gauge with vent rib and Winchokes for $250 a couple of months ago, but I passed. $250 buys half or more of a Super X Model One. :wink:

 

I would prefer an Remington 11-48 to a Winchester 140/1400 every day of the week. The 11-48 is often availailable with no finish but mechanically sound at very attractive prices locally.

As has already been noted the 140/1400 is a cheap gun. I would advise you to pass.

 

In the past I had two Winchester Model 1400's and a 1500.Had trouble with all of them jamming.There are better second hand autoloading shotguns available than the Winchester Model 1400,2400,140 and 1500.

 

I have a Winchester 140 Ranger 20ga that I bought a few years ago that was NIB unfired in pristine condition. I paid $200 for the shotgun because it was in such tremendous shape with a better than average piece of wood on it. The gun is a very soft shooter as SuperXOne mentioned. I haven't fired more than a couple hundred rounds out of the gun at clay targets so I really have no idea how durable the shotgun is. I certainly wouldn't have this shotgun over any 1100's I've owned in the past but that's just my opinion. I've seen more then a few 140 models under the price your guy is asking. I'll also mention that the majority of 140 Rangers and 1400's these days on used gun racks for the most part are pretty beat up from field use. Most people that bought these shotguns used them for hunting and didn't worry about getting the guns nicked up. One thing I really like about my 140 is the wide field vent rib sight surface. I do shoot this shotgun very well for not using it much. When my niece gets old enough to shoot I've decided to make this old 140 her first shotgun. If nothing more she can say some day that her first shotgun was an American built Winchester from the old plant in Connecticut that's gone unfortunately.