lincoln 300d up for bid at my work how much should i bid?

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There is a used lincoln 300D at my work that is being auctioned off.  Our welder told me that it has a problem with the armature --- i think.  It has 1500 hours and looks good cosmetically.  What do you think i should bid.  I plan to wax it and resell it on craigslist, or maybe on this forum.  I am positive that the engine runs good and has had regular oil changes etc.Thanks,