From the photos those seats look like the E30 M3 Evo II or Evo III seats which are schweeeet!! And if they are what I think they are they would push the price up a considerable amount, not down.
After following prices on E30 M3s for a while I would say this is car is worth every penny of that $39k, due to it's condition and the overall spec of the car - good colour, great interior, some nice goodies - still pretty stock. Only thing that lets it down is the gearbox which I am pretty sure is not a dog-leg (Jap spec was 265/6 overdrive box), which is more sought after by collectors.
Wish I had the cash to buy it... and far too nice to convert into a race car, so I would need another one for that!!