Box might be worth more than the train, however since it is a passenger set I am pretty certain it is more rare than a freight set would be.
Except this is American Flyer.People have made lots of $$$ selling old Lionel rolling stock boxes.
Which begs the question: Isn't that three rail track in the box? Flyer used two rail track. Also, there is a pic of this set in the 1954 Flyer catalog, but the box says Happy Time, no Gilbert logo, though the loco, cars and transformer are clearly Flyer. Knowing which set number you have and if it is complete will go a long way towards establishing value. Disclaimer: I'm not a toy train expert, and have no interest in this item, I just looked it over and did a quick google search on Flyer sets cataloged in the 1954-1957 timeframe.Except this is American Flyer.
I think you are right on all counts. I only see two pieces of American Flyer track in that box. AND my first thought at the box was Marx, but then I saw the train and it blinded me to the rest.Which begs the question: Isn't that three rail track in the box? Flyer used two rail track. Also, there is a pic of this set in the 1954 Flyer catalog, but the box says Happy Time, no Gilbert logo, though the loco, cars and transformer are clearly Flyer.