This is a tough question. You say the unit is slightly used. I’m not exactly sure what this means however remember the transformer is at least 50 years old and probably even more. Age can do a lot of things to electrical components. Rubber insulation can start to deteriorate, solder joints can start to fail from acid. Probbably if you examine the cord closely you will find some crazing through the rubber insulation to the copper conductor especially close to the plug or where the cord enters the transformer.
The chances are the rectifier discs in the whistle circuit no longer operate. If this is the case they should be changed out for stud type diode’s which is a tremendous upgrade in the technology required to blow a tender train whistle.
The transformer contains four carbon rollers which transfers the voltage from the transformer windings to your trains. If they have never been changed, no doubt by now they have deteriorated to the point that they either need changing or are very close to need changing.
The circuit breaker in the transformer is very critical. About half of the transformers I rebuild have circuit breaker’s that do not work and need to be replaced. This accomplishes two things, one it gives you a circuit breaker that works and two I replace the circuit breaker with a much higher quality modern circuit breaker that is much more reliable. A couple of things you can do to enhance the value of the transformer when you sell it, assuming you are selling to a knowledgeable train collector, is first, check the voltage of each output. Each output should be at least 19.6 V and hopefully at least 20 V. Keep in mind you can still get voltage readings if the carbon rollers are worn out. Instead of a roller going across the face of the transformer coil, you are sliding the copper arm which the roller fits on and you will still get the voltage but it will cause damage to the transformer coil.
Now check the circuit breaker. Plug the transformer in and advance the A circuit handle to full voltage and use a screwdriver and put a short between the A terminal and a U terminal. You will hear a hum, the red light on the transformer will come on and within about five seconds you’ll hear a click which is the circuit breaker opening as it should. If this doesn’t happen and there’s no click within say six or seven seconds remove your screwdriver and consider the circuit breaker defective.
Over the past few years I have reconditioned more transformers than I can remember and have yet to have a call back due to a problem. I normally try to purchase my transformers for rebuild at train shows since there is no freight costs involved. If I came upon a ZW transformer such as you define as slightly used and the case was in very good condition, and the simple tasks outlined above had been done on it or I could do them myself before I purchased it, I would probably offer $60. If it was really cleaned and had no signs whatsoever of abuse, I might go to $70. As stated above, my offer would be based on the fact that I know inside that case there are many things that could be broken such as rollers, deteriorated insulation, “fried” rectifier discs and so forth which I would have to replace before reselling the unit.The unit could still pass the above tests I outlined in spite of many problems inside the unit that need to be addressed.
I have probably giving you a lot more information than you need, however I hope it will be helpful.
Have a great weekend,
Jim Lawson a.k.a. O Gauge Jim