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One of my friends has a Jag-stang that he isn't using... he hasn't really even been in the same province as the guitar for a couple years... and might sell it to me. He has someone else who's interested, but if they don't buy it, he might sell it to me. He hasn't mentioned a price to me, so I don't know what he has in mind.

Last time I played the guitar was either 1999 or 2000, and it was in great shape then and I fell in love with the neck. As far as I know it's still in good shape.

My question is, what's a fair/reasonable price to offer? As he's a friend, I don't want to take it for the lowest possible price (chances are he wouldn't let it go for a solid bargain price anyway), but what is a fair price range these days?

prices are variable. there is no fair or reasonable price to offer. he's your friend. ask him what he wants for it. if it seems a good price to you then buy it.

I sold one a last december for £390 with Hiscox case. Think I was asking around £350 for the guitar alone... anything around that is a good deal for both parties. Mine was fiesta red with a few dings so be prepared to pay a little more.

In the end, it doesn't matter.
He sold it to the person who was interested... who happened to be the original owner of the guitar (and a mutual friend). Glad it's in loving hands at least