Jayman,
Welcome to the bolt.
The value of something like you're describing is hard to determine. Particularly without seeing it first hand or pictures. If you look at my pictures on the link below... The picture that says new truck was a very similiar situation to what you've described.
When looking at any vehicle emotions and differing opinions can come into play and screw around with $$ values.
The friend could be attached to it, and believe it's worth gold, or he could be oblivious, having had it since day 1, and think it's not worth much at all. Or heck, he just may like you enough to make you the deal of a lifetime.
Location can also have alot to do with pricing, i.e. back east, you'll be lucky to find anything without alot of rust.
Here in the mid-west, and again, I'm just going by the little you've said, I would say if you and your friend were to settle on a price around the $6K - $7K area, you would have both done well.
Things seem to have a way of being more expensive there in CA. Good luck, and send us some photo's.
