If you like the game, and have the space for it, then no, I don't think it is. It may take you a long time to sell it for that though if you decide you want to get rid of it. For a lot of the large games, someone has to really want it to pay a lot for it.
If I had a lot of space (and for me, that would mean space for 200+ games), I would buy another one, and probably pay $300 or so for it. Since I am limited to less than 20 games right now, I wouldn't pick up a free one.
I think we all try to buy games for less, or at least the same, as we can sell them for. If it is a game you like though, that is not always the best way to look at it.
Ridge Racers don't seem to be available often, so if it is a game you really want, I don't think $300 is out of line. Just know that that beast will probably sit there taking up space for a while if you decide to get rid of it.
Edit: Yes, it does have a 33" monitor.