Even for a brand new card I think that price will be very high in a few weeks time. Wait a bit and see if market turns around and if the Ethereum ASIC rumors are true.....
Finally, we would mine another coin when Ethereum was going to POS (don't know when, can be this year, next year, who knows). Personally, most of my rig didn't mine major coin such as ETH.
What coin would be mined by those Ethash ASIC when ETH is going to POS? ETC, Music Coin? ATM, Ethash still ASIC resistance till ASIC miner for Ethash really exist. And I believe, GPUs price wouldn't be so easy to drop, at least in the next few months.
Well no matter what the means, ASIC, POS, high difficulty, all that GPU hashrate will be looking for a new home, and if you think all the non Ethash coins will be able to adsorb it and continue to make profit, well I have a bridge I would like you to look at.
You are correct in assuming that the GPU prices will not instantly drop, as many people will continue to hold out hope and some will even mine at a loss for awhile expecting the market to miraculously correct, but given enough time even the hard core holdouts begin to give up. The more recent entrants to mining will be the first to go as they have the most to lose and are looking at the longest payback period.
Those with paid for gear can hold out longer only concerned with their electrical costs staying below their mining income, but slowly the people with higher electricity prices will also start to leave. In the end it will only be the large centralized miners with sub 3 cent power who are left, like always. Sure, there may be a few hobby miner holdouts, but by that time even with a rig like the OP has, it will be lucky to mine a couple of ETH in a year, eventually getting to the futile point as trying to GPU mine Bitcoin right now.
