Hobbyist is correct.
Way too many dyed in the wool shooters fail to comprehend what on line auctions have done to the market value of firearms.
In the past, an uncommon, or collectible, or just unusual and low demand, firearm might sit on the rack in a local gun shop for years and the owner would then accept a low ball offer, or even throw you a really low ball price if you showed interest in it.
They'd do that because local gun shops on average pay about 50% of market value when they buy a gun as they know they may have to sit on it awhile taking up space and it's share of the over head costs. Eventually if it doesn't move they'd heavily discount it just to turn it back into money to buy and re sell something else. Getting the full market price on an uncommon firearm required that they actually have an interested buyer looking for that niche market gun walk in the store.
Blue books were also heavily relied on in the past to establish value, but they were a) out of date before they were even printed, and b) were heavily biased toward dealers who need to understate value to ensure a healthy margin.
The internet gun action sites changed both those models. Nearly all gun shops now also list firearms on GB or GI and that allows them to connect that uncommon gun with a buyer willing to pay what it's actually worth, and in some cases they can connect with two or more interested parties who then bid the price up.
The old school crowd will decry such things as driving prices up to unreasonable levels, or scoff at the folks who pay "too much" as not knowing the value of those firearms. There are some cases where buyers get carried away and pay way too much, bit for the most part on line sales just represent the ability for a seller to get a fair market price, when they have access to a much larger group of prospective buyers.
Most of those same old school folks are also the same folks who are stuck a few years in the past when it comes to gun values. For example, about a decade ago I bought a minty 9422 XTR for the outrageous price of $700 and was told by several old farts that I paid way too much and they wouldn't have gone past $450. A couple of those folks were folks who really ought to have FFLs as they buy with an eye to flipping for a profit fairly soon, but the rest were just out of touch with the rise in prices for minty 9422s. That same $700 rifle would bring $1200 today and not break a sweat.
Even if they had been correct, when it comes to guns that are no longer made and are in limited supply, your never pay too much, you maybe just buy too soon. If you hold on to it, it's value will exceed what you paid for it.
Don't get me wrong. I miss the days of being able to find a real dust covered gem in a shop where the owner is willing to just get his cost back out of it. But those days are gone.
The reality now is that we all have a very good means to determine value in the form of looking at completed on line auctions for firearms in similar, lesser or better condition. There may still be outliers and you need to beware of some shady auction practices but if you can find a half dozen recent completed sales for a firearm, you'll have a good idea of full market value.
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In terms of this specific Colt Trooper, I'm in the "not more than $700" camp.
There have been a number of all original Colt Troopers with no box and in very good to excellent condition selling in the $700-$800 range.
You need to consider both the non original grips and the cost of finding a set, plus the rust spot. That will drag the price down a couple hundred from the $800 asking price.
On the other hand, while they come up for sale all the time on line, you have to pay shipping and transfer fees. That's usually goio be about $40 to ship a handgun and $25-$50 for transfer fees depending on your local shop's price fixing and amount of gouge for the service. So you have to add back in another $65-$90 and $700 is pretty much where you land.
Completed sales is your best bet.
