I would jump on it today at that price. Its a 12", 2hp or so, european made saw- probably italian or german, which are the best. Wilton no longer sells that model- they have a whole new line of cold saws, which look like they may be made in Taiwan. They never made these saws in the USA, instead they bought european ones and rebadged em, just like all the old Wilton drill presses that were really either Strands or Arboga's, from Spain or Sweden.
New, this saw was probably 3500 bucks or more- 500 is a screaming deal.
I have a similar sized german cold saw, and while it certainly WILL cut
2" or 3" solid round, for everyday, production cutting of that sized material, you would really want a much heavier, much more expensive, industrial sized bandsaw.
But for general shop use, up to 1" round and square, 2" square tubing, pipe, and so on, the Wilton ought to be plenty fast enough, and give very accurate, smooth square cuts.