Is this 1977 Peugeot 504 saloon worth £1.5m?

Is this 1977 Peugeot 504 saloon worth £1.5m?  Well this is how much Mahmoud Ahmadinejad the Iran president got for his vehicle.  

The car was not just any old battered classic though, as it belonged to the Iranian leader and had once been used as his official car. Still, the final price is far in excess of the £1,000 value of such a vehicle.

In defence of Ahmadinejad and the winning bidder, this was no ordinary used-car transaction, as the 504 was being auctioned off to raise money for a housing project for low-income families.

Would you have paid £1.5 millions?