*That* is the legendary Hoovermatic. Fastest washer on Earth, vigorous four-minute wash cycle plus spin-rinse. Simple & sensible mechanism, very little to get out of order; these can easily last 20 years and then after restoration, another 20 years if they're not abused.
The high-speed spinner on the right also extracts more water from your clothes than a conventional spin cycle, which cuts dryer time by half, saving energy and taking a bite out of your electric bill. If you need a sanitize cycle, the built-in washtub water heater on some models (more common in the UK) will get the water up to boiling temperature (needless to say this takes longer).
These are also known for washing your ceiling if you let the water level drop below the level of the side-mounted impeller
Seriously though, Hoovermatics are easily worth the $200 or more if in good condition (replacing a belt is no big deal, I'd be more concerned with the rust on that particular unit, might indicate a seal is leaking), and many people will jump at the opportunity to get one.
Even with available parts, $200 still seems a lot for this machine. I paid $4.99 for my Hoover Deluxe and $27.50 for a Maytag Porta-Washer, both at thrift stores.