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Better answer: if this guitar is in really bad shape, it isn't worth it. The rust is the main thing; lack of paint won't kill it, but rust could mean you need to replace the electronics and the bridge, and now you're spending too much. Better deals are available on eBay and brand new Mexican Fenders, or Dean, ESP, Ibanez, BC Rich, or about ten other brands that manufacture in Korea and China are cheaper than $375 new.
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