There are a lot of people out there looking for a good deal, and there are a number of LTs in the market place that range from truly excellent to truly basket cases and everything in between. Some of the more knowledgable buyers have either done their research or have previously owned an LT and know what to look for. Those individuals should expect to be willing to pay accordingly, or know what it would take to transform a bike that is 7 to 17 years old into something they can confidently jump on and travel across the country.
I've seen very low mileage LTs in excellent condition cosmetically, but wonder what the condition is of the brake lines, seals, tires, ABS unit, and internal gas tank fuel lines. Many sellers of these bikes state that they have been well maintained by such and such dealer, yet I question if the owner really spent the time, effort, and money to keep up with all of the recommended service intervals - would someone really have flushed the brake lines several times on a 10,000 mile/10 year old bike that they have rarely ridden? Things can deteriorate with age or potentially fail as a result of some other related part's deterioration. On the other hand, I've also seen LTs with 40K-80K+ miles in excellent to very good condition that have been well maintained and may actually be a better deal than the low mileage bike. The first two things I look for in pictures of LTs for sale are (1) brake lines - if they're black, they are probably original and overdue for replacement; and (2) is the top case latch missing the top corners (broken latch); and then I look to see cosmetic condition (is it clean), mileage, price reasonability, have the fuel line quick disconnects been replaced - preferably with metal QDs), if it has GPS - is it an obsolete original unit or has it been replaced with a unit and up-to-date maps/lifetime maps, optional equipment (auxiliary lights, aftermarket seat(s), floorboards, J-pegs, have the springs and/or shocks been replaced, cleanliness and finally, what systems work or not work (like cruise control, central locking, hydraulic center stand, radio, etc).
Even though this forum's Classified Ads section is abysmal, the forum is an excellent source for acquiring knowledge to be an informed buyer (as well as seller).