What is a Colt Mustang Pocketlite worth?

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Here in NY ,$450 to $500 for one in really nice shape would not be out of line.
 
I recently paid about $450 for one with 1 magazine and no box.



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Are these guns reliable? Durable?

The reliability is good for most examples, I've only heard of a few owners with any problems. Durability is questionable because of the Aluminum alloy frame. It was designed to be carried quite often, but shot only occasionally. I bought a Mustang (all steel) to use as my practice gun to prolong the life of my Mustang PocketLite.
 
I wouldn't sell mine for $600.00...

It great! Perfect reliability and I've installed ivory/polymer grips, a Wolff one-piece 12lb recoil spring, and a SM&A titanium recoil rod. I either carry it in a Galco hip pouch or a shark skin Ron Graham "Vampire" belt holster. Vampires have a little safety strap that snaps. He also put my initials on it. :)

KR
 
The alloy frame will hold up just fine. These aren't the type of guns you're likely to ever put 10,000+ rounds through anyway. You'll probably give out before the frame does. Their durability is typical of Colts; the slide and frame will last but small parts are prone to breakage (guide rod, extractor, small pins).
 
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