[Seiko] Got my first watch passed down to me today, what opinions do you have on it?

As you can see this is the first watch I've had, my dad just passed it down to me as he wears other styles of watches now,let's just say they're a little bit more luxurious.

The model is the 7t32 7t60, and was told that it was bought around 20 years ago, this number is pretty much ambiguous for any specific date.

I know it's nothing special compared to most of the watches on here but I was just wondering what the subreddit might have to think about it, so any opinions would be grateful.I'm also looking to buy a new watch soon,I had in mind the Seiko cocktail time, would this be a good purchase or is there anything you would say is better for a similar price?

Here's the watch http://imgur.com/DsWuvXp