It sounds like he bought it, but is not somewhat hesitant about owning another car, which may become a project car which he may not be able to afford, financially or with personal time, in the future. If you really wanted it, he would give it to you, taking that concern and uneasy feeling off of his shoulders. He would rather keep it and enjoy it for himself though.
I would let him know that you are interested in it, but only if he looses interest in it. Give him the chance to enjoy it and see what the "Pinto hype" is all about. If he really learns to fall in love with the car, awesome! If not, he's got someone to give it to that he knows will take care of it the way it should be.
I would really have loved to keep my old 73 Station Wagon, I REALLY would have! Financially, I couldn't take care of it anymore, and it needed more love, and to be driven more often than I ever did (to keep seals and hoses from going bad due to lack of use). So, I sold it to Dianne. I received at least a dozen other offers on the car before selling it to Dianne, but no one seemed genuinely interested or excited about it, so those offers were declined, and then I met up with Dianne. Dianne's excitement and joy over just LOOKING at the car told me I found the right person!