Buying a new guitar

I've really gotten in to playing my acoustic guitar lately and I really want to jump into my electric. Problem is my electric is basically the lowest brand of Fender Strat rip off that my dad bought for me when I was young. Never really play it that much because the action is so high. I was blessed to actually have a 1978 Alvarez SLM that my dad bought when he was 18. Its still in great condition and has really low action so I mostly play it instead of my electric. 
The new guitar I have thought about buying is previously owned but is in really good shape. The guy who taught me how to play said he had a friend wanting to sell him is Ibanez guitar. I'm planning on jumping on his offer as soon as i can muster up $300 for it. The great thing is that I know he payed well over double that for the guitar so I should be getting my monies worth and finally have a good quality electric guitar.