The Heathkit Preamplifier Model WA-P2 Dollars and Sense Thread

I plan to start another thread regarding the performance, application and modification of the Heathkit WA-P2. I do not want that thread to get bumped to Dollars and Sense so, I am posting this value discussion here.
The Heathkit WA-P2 is a monophonic vacuum tube preamplifier that was sold in kit form from early 1954 to late 1959. It was designed to complement the Heathkit power amplifiers of that time. The original retail price, in kit form, was $19.75. According to the Bureau of Labor Statistics Consumer Price Index Inflation calculator, $163 would be the equivalent 2016 value (1959 to 2016).
The preamp does not have a built-in power supply which means an external power source must be provided in order for the preamplifier to work. It has an eight-conductor cable terminating in an octal plug designed to tap power from a power amplifier. All basic Heathkit amplifiers, of that era, had the proper socket for the power connection. Many other brands of amplifiers could also be adapted to provide the required power. The alternative to tapping a power amplifier is to build a new stand-alone power supply or adapt an existing power supply.
When discussing the value of these preamps one might look at it as a glass half empty or a glass half full.
The glass half empty:
The glass half full:
In terms of value, there are several things to consider:
So, bottom line, what is a fair price for a Heathkit WA-P2? I would estimate the value as between $20, for a parts unit, to $175 for a fully functional and tested unit with power supply. What do you think?
Heathkit Preamplifier Model WA-P2 with a WAP2PS03b power supply in a monophonic Hi-Fi system:

CPI Inflation calculator results:
$19.75 - 1954 to 2016 => 175.67
$19.75 - 1959 to 2016 => 162.39

I plan to start another thread regarding the performance, application and modification of the Heathkit WA-P2. I do not want that thread to get bumped to Dollars and Sense so, I am posting this value discussion here.
The Heathkit WA-P2 is a monophonic vacuum tube preamplifier that was sold in kit form from early 1954 to late 1959. It was designed to complement the Heathkit power amplifiers of that time. The original retail price, in kit form, was $19.75. According to the Bureau of Labor Statistics Consumer Price Index Inflation calculator, $163 would be the equivalent 2016 value (1959 to 2016).
The preamp does not have a built-in power supply which means an external power source must be provided in order for the preamplifier to work. It has an eight-conductor cable terminating in an octal plug designed to tap power from a power amplifier. All basic Heathkit amplifiers, of that era, had the proper socket for the power connection. Many other brands of amplifiers could also be adapted to provide the required power. The alternative to tapping a power amplifier is to build a new stand-alone power supply or adapt an existing power supply.
When discussing the value of these preamps one might look at it as a glass half empty or a glass half full.
The glass half empty:
1. It is a MONO preamp. One needs two for stereo.
2. It is a tube preamp. It may sound like a tube preamplifier and it may not be able to optimally drive some of the solid state power amplifiers.
3. It does not have a built-in power supply.
4. It is uglier than sin.
5. It is old and will need to be refurbished before it works as it was designed. This means replacing some or all of the capacitors, resistors and cleaning the switches and controls.
2. It is a tube preamp. It may sound like a tube preamplifier and it may not be able to optimally drive some of the solid state power amplifiers.
3. It does not have a built-in power supply.
4. It is uglier than sin.
5. It is old and will need to be refurbished before it works as it was designed. This means replacing some or all of the capacitors, resistors and cleaning the switches and controls.
The glass half full:
1. It is MONO preamp which means that it is ideal for a mono system or, when two are used together, they are ideal for stereo.
2. It is a tube preamp. It will work well with other tube electronics and provide the tube sound often sought after by audiophiles.
3. It does not have a built-in power supply which means that one is free to buy or build a much better power supply than other preamps of that era.
4. It is very attractive.
5. Being originally a kit, it is relatively easy to replace / upgrade capacitors and resistors for improved performance.
2. It is a tube preamp. It will work well with other tube electronics and provide the tube sound often sought after by audiophiles.
3. It does not have a built-in power supply which means that one is free to buy or build a much better power supply than other preamps of that era.
4. It is very attractive.
5. Being originally a kit, it is relatively easy to replace / upgrade capacitors and resistors for improved performance.
In terms of value, there are several things to consider:
1. Is it complete? Incomplete units are worth less than a complete unit, depending on what it would cost to get the replacement parts. The WA-P2 should not be considered complete without the assembly manual. And yes, it does need the top cover and bottom plate for proper noise / hum free operation.
2. Does it have all the tubes? The original tubes were often, if not always, Mullard. If the original tubes are present and still good/strong, the value is much greater. In fact, if it has good Mullard tubes, they may be more valuable than the rest of the preamp. Weak or missing tubes, detract from the value as one must factor in replacement cost.
3. Is the preamp fully functional? i.e. Has it been evaluated, by someone who knows what they are doing, to verify good operating condition? Many of the units for sale, on popular internet websites, are listed as “untested”. An untested unit may be a great deal or an expensive project. Considering these units are close to 60 years old, it is expected that components will need to be checked and some / many replaced before the preamplifier can be successfully used in a music system.
4. Is it in acceptable cosmetic condition? Most of these preamps that I have seen are moderately to severely cosmetically challenged. Better looking preamps should command higher prices.
2. Does it have all the tubes? The original tubes were often, if not always, Mullard. If the original tubes are present and still good/strong, the value is much greater. In fact, if it has good Mullard tubes, they may be more valuable than the rest of the preamp. Weak or missing tubes, detract from the value as one must factor in replacement cost.
3. Is the preamp fully functional? i.e. Has it been evaluated, by someone who knows what they are doing, to verify good operating condition? Many of the units for sale, on popular internet websites, are listed as “untested”. An untested unit may be a great deal or an expensive project. Considering these units are close to 60 years old, it is expected that components will need to be checked and some / many replaced before the preamplifier can be successfully used in a music system.
4. Is it in acceptable cosmetic condition? Most of these preamps that I have seen are moderately to severely cosmetically challenged. Better looking preamps should command higher prices.
So, bottom line, what is a fair price for a Heathkit WA-P2? I would estimate the value as between $20, for a parts unit, to $175 for a fully functional and tested unit with power supply. What do you think?
Heathkit Preamplifier Model WA-P2 with a WAP2PS03b power supply in a monophonic Hi-Fi system:

CPI Inflation calculator results:
$19.75 - 1954 to 2016 => 175.67
$19.75 - 1959 to 2016 => 162.39
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