What's this worth in this condition? There are no holes....only surface rust.

Just picked one up 2 weeks ago. Sat in the upstairs of a friends garage for years. Only had 1K miles on it when replaced with a performance exhaust. A little better shape than that pictured. Paid $400.

I bought one in great shape that had been ceramichromed for $225. Got it back from a guy I sold it to as part of a HE backdate package.

It would be worth taking a wire brush to that and putting some enamel exhaust paint on it. Aluminum color (light gray). Or you can spend the extra few $$$ and get the Wurth high heat paint.

Wurth High Heat Paint

Make a huge difference. Definitely get your money back.