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You can obtain/scavenge a chain via another source (for free), but buying one is an option.
The map he sells (which reveals locations in the old woods) can be useful if you don't want to go on a dangerous recon mission into the unknown (to find your next safe haven).
I like to get the max from him before saying goodbye to him, otherwise he departs when you still have a lot of unspent reputation points in your account with him. So I like to spend it all and clear out his inventory before he goes, it's essentially all free (you could sell him various junk items in return).
I tend to conclude my business with him on the same day as encountering him just to get the reward immediately so I can progress/upgrade sooner.. but I like the idea of keeping him around as a trader for a few days.