$300? Definitely worth checking out. They usually go for $450-$500 used. Made in Japan. Solid top and back.
I must have played five of these: 3 new and 2 old. New ones don't always distinguish themselves against the top-end models in the Yamaha CG line, but they seem to age rather well. Current models have truss rods. Older ones didn't have them. Action from the factory is on the high-side. Tone and projection of the better ones were equivalent to my Kenny Hill Estudio 45S. Build and materials are better. You'll probably like the neck profile.
In a conversation that we had. luthier John Mello
implied that the C132S was the oft-recommended budget instrument and budget-benchmark for those who were going into a conservatory program. I don't know if his perspective is a little dated since, as you said, this model has been around for years. John had never seen a Yamaha CG171SF and he was rather amused when I showed it to him and told him how much it cost.
EDIT: Post-Script: As you've probably begun to surmise PC, I've done a lot of shopping and comparing in the under-$1K category. Of course, it also helps when one has friends who buy a lot of guitars.
EDIT: EDIT: One thing you'll find about these is that (like Yamaha) they do not have a Spanish-heel construction. It doesn't seem to have any diminishing effect on tone based on my experience.