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It is! If you need it, you can't get much cheaper than that.

I just got a T5 here for $300 off a old friend that happen to have listed on FB market place. So I grabbed it instantly, it has an issue with downshifting to 2nd but I don't care as long as the non wearables and non gear parts and cases are good. I need it as a donor for a special project I have had stashed away for almost 10 years and I always had plans for a PPG straight cut gear set for it.

Wow old T5's are worth that these days?
I have a T56 from a VZ LS1 here with a third gear problem.
What's that worth?

A used T5 is worth about 1k average price these days, very rarely do you find them under 500 bucks even as a mystery box with unknown condition.

T56 I am not entirely sure but I have seen a few on FB asking 2.5-3k, might much more on ebay and other places.

If it's a V8 T5 though... Might as well buy a brand new TKX or something along those lines. I think the v8 T5s fetch similar prices to a T56 or sometimes more. In fact they should be the cheapest since they are a run of the mill US T5 which you can in fact buy brand new aftermarket Holden v8 input shafts to convert your standard off the shelf Mustang T5.

But you know how it goes, it's a V8, it must be special!

I once had a Tremec TKO in a VR. Was a nice unit.

A new model called the TKX is out now which is more similar to the T5 in layout than the TKO and much better with rpm and lightness, like the T5. And best of all, it's got same if not more strength too.