how much is a lionel train set from the 1940's? - Model Railroader Magazine

Whew !!! talk about regrets, my parents GAVE AWAY all the family's Lionel from the early 40's through the time I was getting the plastic newer issued locos and cars...i.e. the Missile train set with the Army missle loco, missile launcher flat car, another set was the Alaskan RR train set ( 1960's ), not to mention the older sets. Your case brings me to remember the prices I saw at "The Wall of Trains " in Arvada Colorado and Caboose Hobbies in Denver, both good places to find out prices.
Our neighbor also had an extensive set in Lionel and we would connect all of our track together on the floor and run trains all over the basement, it's a wonder the electricity found it's way around the tracks, we had things running everywhere. His set went the way of cleaning out his closet when he went to college.
Every so often I see sets in antique stores around the Southwest and depending upon the knowledge of the store owner, the trains can vary widely for prices, although I don't collect 0-27 I am always looking for and have found good HO in some cases.

I bought an IHC Mogal 2-6-0 that lists for about $89 ( Wather's ) priced for $45 in a Durango, CO. antique store, it came complete with the tender and was in the original box...marked as a toy train...hey, what ever it takes... I did not tell the clerk what they really are going for. All prices depend upon variables, product knowledge, availabilty and demand and what you are willing to take for the item.

Also, Hobby Lobby stores sometimes have giant clearance sales, watch for these as well, I bought two---that's right two HO Proto 2000 F-7s in different road names for $18 each, they were returns and on the clearance shelf, I about fell over when I saw them hidden way back on the shelf with all the other "stuff". They run better than any Athern and Bachman Spectrum I have and are absolutely quiet on the track. Since my RR consists of several road names I do not get too particular, after all out here in Deming I see all road names being used to supplement the main carrier...UP and BNSF !

Best of luck...johncpo