I was offered an SP1 from a friend who wants an underfolder AK. I may work a trade with him but I need some input on a fair offer for his SP1. I don't have any other info on the rifle other than it is a Colt SP1.

Would $700 be a fair price to offer him?

It all depends on the year it was made and the condition.  I'm pretty sure the pre '75 ones are worth more.  Someone correct me if I'm mistaken.

I wouldn't pay that much, unless I lived in a AWB state.  I was able to get them for around $750 during the AWB, and passed on them as I didn't like the price.  I ended up getting mine for $450, which is unusually low.  

Right now you can buy a complete upper (SP1/M16a1 style) for $275, figure a complete lower is about $200-250, and you can have a complete weapon for much less.

If you are a collector, it may be worth it.  It you want to pay more simply because he is a friend, it may be worth it to you, but looking at it from the outside, I would not do it.

I bought 2 SP1 uppers (without b/bc/ch) here on the EE for $175 each.  I figure I'll have $400-$450 in each when I'm done.  Stickman is right on that you can build one much cheaper.

SP-1 uppers around here are going for just over a hundred, sometimes they even come with the bolt and charging handle....  Correction though SP1's are not M-16A1 style there M-16 style or "slicksides", the A1 had the forward assist added, and late models got the shell deflector to, unless you know something that I don't and theres an SP1 with the forward assist....

If your friends SP1 is in great condition ( not a beater ) I think $700 is fair.

Colt will probably never make a similar rifle again , and the SP1 s are a little
bit of History

$700 is a very fair price for an SP1 in excellent condition and all original factory. I collect Colts and I never saw an SP1 for $700 during the ban...

Quoted: $700 is a very fair price for an SP1 in excellent condition and all original factory. I collect Colts and I never saw an SP1 for $700 during the ban...

Obviously we looked in different places, which is too bad if you collect them, you could have had a bunch.