I found one of these going for 180 on craigslist. It has some cracks in the finish and the preamplifier circuit went out, but I like the idea of an older guitar. My plan is to work on the finish, replace the preamplifier, stow it away and see what its worth in 25 years. My only question is, does 180 seem like a fair price? Also has the original hardshell case.
My gear
Ibanez RG7321
Jackson Warrior WRXT *FS/FT*
Jasmine J35
Squier Fender P-Bass
Ibanez TBX150H
Crate 4x12
Fender Rumble 60

$180 is about right. Guitars almost always make for a very poor financial investment, The fact that you can commonly find Ovations over 35 years old for sale at 1/3 to 1/4 of their original selling price, should tell you something. You are way better off putting that $180 into an IRA account.
I'm the only player to be sponsered by 7 guitar companies not to use their products.
as the resident Ovation fanatic, i would have to say run away from it also. the ultra series is probably some of the worst the 'mothership" has ever had comissioned from China. seems about 100 bucks too much.