I have a M77 MKII.
The barrel has Hammer Forged Rifling. A feature I really
like, besides the two position safety, is the mag design.
At the end of the day, I can eject the unfired cartridge,
push it back down into the magwell, and close the bolt
on an empty chamber, an quick little additional safety for
transportation which many bolt actions with detachable
mags don't offer. It's in a dead heat for accuracy with
a rifle and scope which cost me almost four times as much.
As to price, I paid 450$ for the MKII-Stainless, with
the "Canoe Paddle" syn stock, and a "Swift" scope.
(Probably not as good as a Redfield, in good condition)
So I'd say 500$ is a bit of a stretch, for an original M77
blued rifle with a wood stock. I doubt I would get my money
back for my rifle, if I went to sell it. (luckily I like it)
I guess the three variables here are:
1. Whether you mind getting nicks and scratches on a good wood stock.
Call me OCD, but I hate, like sin, putting wear and tear on really
nice wood furniture.
2. The overall condition of the rifle.
3. How well you like Ruger, (regardless of how popular anybody else thinks they are)
and if you really want that particular rifle.
I had looked for that particular rifle for a long time, SS, in that exact caliber, with that
exact stock, for years. So it was worth it to me, but unlikely anyone else.
Personally, I would probably offer 350$, as there are many rifles of this
sort out there, and as someone out there already pointed out, you could get a new
Savage, or Rem 783 for 500$,and be working on a top notch 3-9X40scope, besides.