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I don't know if they would cover it under warranty or not. Perhaps you could get lucky and find that the inside of the lid was corroded which would be covered under warranty. But, word of warning, warranty only applies to original owner. It's a crap shoot as to whether you could get anything covered under warranty.
As to whether it's worth $200, that really depends. Let's presume that the lid can't be cleaned up and that you can't get it replaced under warranty. Is the condition of the lid a deal breaker for you ? Or would you be ok with it ?>
If you would be okay with it, then you have to look at the internals of the grill very carefully. Pay particular attention to the cart and the inside front of the grill box Something to note is that parts for a Summit usually cost much more than parts for an older Genny. On one Summit I fixed up, the flavorizer bars alone were $180.
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Great information to have. Thanks.