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i think its worth more than that, look what they fetch on ebay, the non perfect ones even. ever hear of the 50 dollar paint job? you might read up on that or i can provide some links if you need them. interior isnt always very expensive either, and its not a very big space. you might do some checking on that too.
many pple enjoy fixing them up, driving them awhile, and then eventually moving on to another project or find. and some certainly do put in more than they get out of them. thats a good idea of checking with car clubs, but you find might someone that just wants to steal it there too, if they can. id thought of buying an old model a, but to keep and drive sparingly just for the fun of it. driving an old car like that just cant help but make one smile. look in hemmings and other like sites and see what others of similar condition are selling for that are the same model and yr. in any case, dont let him give it away. while the economy does suck now, there are still pple out there with plenty of money for toys. good luck to ya.