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There's no way to say. You don't say what the good price is, and we can't know what else may be failing at 120,000 miles. Like how recently has the suspension been refreshed, how old is the water pump, how close are the rotors to replacement, etc. If you add the timing chain repair to the price, is it still considerably less than getting one without that issue? Basically, I would not buy a 120,000 mile German car unless I planned on doing all the work myself. If your budget is such that you can only afford a car with that many miles, it's going to kill your bank account repairing it if you can't do it yourself.
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