Re: What's a XW HO worth?
As someone pointed out, mechanically its going to be rooted.
So your up for an engine rebuild, gearbox, diff, all rubbers, all brakes, basically everything mechanical that needs lubrication will need to be replaced.
Having said all that, a genuine, excellent condition Phase II, with low miles will bring close to $80k. However, paint and interior are not going to be in excellent condition either if it hasnt had air flow through it. And if you have to touch paint, your up for basically a full freshen up, which wont leave you much change from $20k, and then it wont bring an unrestored cars price.
Given all that, $40k is probably a decent starting point, and start adding for all maintenance items.
However, before he buys it, have tags, body type, welds and gearbox and diff tags checked. You would be surprised how many bogus cars were put in garages and left for 20 years. There are plenty of people in the GT fraternity who will cheerfully help with the identification process.
All in all, good luck and a great catch. Hope it turns out to be the real thing for him. Phase II's are catching up to Phase III's in the appeal stakes rapidly.
Chevs may go, but theres nothing like a HO!
Proud LSUG Member, and 9" Nodular Iron driveline test pilot.