[Gogar]

If you can use it and appreciate it and will think fondly of the old guy when you do,

Then that's the definition of "Gift." Enjoy!

Even if you have mixed emotions about the monetary value, I'd suggest you don't worry about it. You and the other family have been sharing a lot of good will and inserting money and dollar amounts etc. into that equation will almost always make it seem 'cheaper.'

If, down the road, you sell the stuff, then revisit the idea.