Bullseye I was too hard for 1972, but it is a ridiculous trainwreck by today's standards.
If you use perfect binary search, you can eliminate half the guesses every time, for seven guesses. 2^7 is 128 possibilities. If you can price a car within $128, you are Ted Slauson.
There is no realistic pricing strategy a normal contestant can use. There is no realistic game strategy besides "try to go 50/50 perfectly between your guesses and hope the producers were nice" or "go against the odds and pick random numbers and hope you get lucky." There's just nothing about it at all that makes it interesting to play or watch.
And if you try to fudge it in the contestant's favor, like by giving a $500 range, it's still not a "pricing" game, you're still playing "guess your favorite three-digit number", since nobody can really price a car at that level. Why play it for a car? Why not play it for something manageable, like a 3-digit prize, and offer a bigger bonus for getting it? (Oh, right, because then you've invented Clock Game.)