From what I just read about it, it should still hold up. It's a racing game - they're pretty timeless I would think. Since it's last release date was in 2000, the graphics just might not be as spectacular as what they are today.
Since I don't own a console type game system, I don't know much about game prices. But an 11-12 year old game? I don't think I'd pay MORE than $15 for it.