Hey it has been a while. A friend is looking at cars and came across a 2002 Prius with 123,000 for $6000. I don't know a whole lot about Gen I since I have a Gen II. What are the repairs like on something that old? I don't know yet what maintenance has been done to it. He is a college student and doesn't need big repair bills if now is the time stuff starts to fail all of a sudden.
Just a thought... You could come across a 2004 with less mileage for about 2-3 grand more. As I understand the older (pre 2004) models had more frequent battery issues.
Without a comprehensive history, and a couple of other checks, is is not possible to assess any particular Prius. The opinion of several knowledgeable posters here is that NHW11 are suitable for people who want to be involved in repairs or modifications if they become necessary. I'm not really in that group, but much more info would be required before I'd vote yes. Several other Toyota and Honda models of the same age could make fine 'college cars' for a lower price.