Repads vary today, but for a student horn like that it should cost you between $350-$500. If you want to buy a new horn though, go right ahead. It might be worth it to get the overhaul...personally, I'd save up a little more and treat myself to a better horn. Good luck!
I'm going to agree with Saxaholic - though the thought of serviceable old saxes being put out to pasture goes against my grain. For the cost of a repad, you could pick up a Yamaha alto (YAS-23) at a pawn shop with decent pads (check them first) and probably no worse cosmetics than your bundy. Overall, the 23 would be a better sax to have around than a Bundy II - at least by my way of thinking. The only way I'd consider sinking the money into the bundy is if it was an old one that was more Buescher than Bundy. But then, I love Bueschers . . .
I would not consider repadding a Bundy unless I levelled the seriously wavy tone holes, and removed sloppiness from pivots, and corrected alignment of key cups with tone holes, etc. Without doing that, I could not use quality pads, and could not guarantee reliability.
That infrastructure part of the work costs a lot more than the simply "re padding" part.
This also explains why some repads can cost a lot more than others. A typical Yanagisawa repad should actually cost a lot less than a repad on a poorly made instrument.
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