Value estimates get frowned upon over this way,especially with no photos or other helpful information. That said:
$4k sounds overpriced in any market. In general, 30s Kays tend to get the best prices and they drop about 15% for every decade up you go. In today's economy that means the best case scenario- like new with hang tags, perfect finish, and an excellent setup (almost never happens- maybee one out of 70 Kays that I see), no issues anywhere, and a heavy demand market- a clean '30s will top out at $3500, $3k for '40s, $2500 for '50s, and $2k for '60s models. Again, this is best case scenario; most tend to be 25-50% less. Everyone online seems to be asking very inflated prices right now, but the reality is that many of them have been for sale for a year with no movement. Watch out for the Craigslist syndrome of ," A guy on line has a red one that Jerry Garcia owned in 1974 and mine is red, so I want $10,000 too." There are lots of stories about finding one for $75 on Craigslist, but do you have five years to wait for that day to come and hope you get to it first?
A refinish is close to 50% drop; broken or repaired necks = 1/4 to 1/3 less. Some genres tend to value very beat up original finishes as more desireable than clean ones. Everything in this market is very depressed and this is the worst time of the year to sell things. The construction and voices tend to vary between decades and from instrument to instrument. They all still sound like an old Kay, there are just a few subtle differences.
You'll find lots of varying opinions; these reflect the opinion of someone who handles vintage Kays every day in Western North Carolina- possibly one of the best areas in the country to sell one. For the original price you mentioned, I've got a nice '39 available that could be yours AND pay for a nice week long vacation to Asheville- almost 70 degree sunshine and flip flops this week!
j. www.kaybassrepair.com www.condino.com