Before even considering the firearm, consider the shop. Is the place reputable? Any complaints? Are the prices known to be out of whack? Any dissatisfied customers with a [i]legitimate[/i] gripe?
Next, move to the serial number and verify that it is a preban. Also find out it's original configuration. If the firearm turns out to be a parts gun, you may be able to dicker lower.
Then, get a look at the lower receiver. Any dings? Scratches? Dents? Funny discoloration?
Take a look at the upper; look for the same things. Check the carry handle, sites, etc. Pop the ejection port cover; any funny dings on or around the ejection port?
Now, with the dealer's permission, open the weapon. Take out the bolt carrier. Inspect the chamber. How's it look in there? Check down the barrel. Anything funny? How are the (pardon my terminology) holes that connect the upper and lower receivers?
Get a look at the internal parts. Are they AR-15 parts? If so, how do they look? While replacements aren't expensive, you should be able to get some money off if they're not up to par. Are those parts the goofy Colt proprietary parts? Is there a sear block? If so, you may want to reconsider or try to get more off...
Oh, bring a clean cloth, a barrel light/small flash light, small piece of white paper, etc., to inspect. Don't expect the dealer to do your legwork for you.
Oh, and if in doubt, [b]leave[/b]. There are always going to be more guns out there for other days.
Good luck!
Mike