I agree with Jeremy...
I'm sure you've looked around at what brand new will cost. I just checked Winch Depot and there are 2 versions of the XP? One is $1400 and the other is $1300 with free shipping. The $1300 qualifies for a $100 mail in rebate making it $1200 so you are still saving quite a bit.
All in all, the winch looks to be in good shape...I've seen a lot worse but I'm guessing that at a minimum that winch was mounted on something for awhile. Maybe it was never actually used in a recovery but the cable was unspooled. Really though, if it was mounted and the person set the winch up correctly, you'd unspool the cable and respool it under load before using it.
Jeff Z. (the "not quite as skinny" one)
'97 LX450 - aka "The Whale"
'97 FZJ80 Antique Sage AE #267, stock
12/74 FJ40, 2F, SM420, 4" Lift, ARBs, 33" MTRs
"...anything else i can do for you guys, how about i wash your car or mow your lawn while you figure out your firewall system? I am now boarderline insane/unibomber." Kipper
"That assumes I'm even capable of pulling and stabbing..." Jacket
"I really like having a detachable unit." Beater