I've seen a 1970 Mercury Monterey 4 door on sale for $2000, it comes with a factory rebuilt 429 2 barrel V8 (rare option), automatic, PS, PB, air conditioning, runs/drives great, body/interior in good shape.

I am wondering if it is a good value or not

l consider it as a good value, most of the Mercury Monterey is come with the 390 V8 is and the 429 V8 should provide alot of power/performance on the Monterey's, l would much rather own a Mercury Monterey over a Chevrolet Impala anyday cause you get more of your money is worth buying a Mercury Monterey.

If it is in decent shape, and if you can afford the 9 MPG it will get, l would say go for it.

That is higher than l would pay for a four door boat. They 429 2v is a great motor for power and good gas mileage. l had a 69 merc station wagon with a 429 2v and got close to 20 mpg. It might be worth it in almost mint condition. Its a shame , a person could rebuild the motor and put new tires on something like that and still not increase the value much.