Hi, I'm fairly new to this hobby and I've been buying oil cans that are less than perfect. I consider the price vs the quality when buying. I'm not to the point I can afford or care to afford cans that cost $40 or more. I hear some collectors comment to only buy stuff that is pefect or extremely close. My question, is there any room for collecting average to good condition or I am just wasting my time.

your not wasting your time if you are collecting what you like and can afford, the problem arises when and if you try to sell your stuff, it may not appeal to others and you may get less than what you payed

As Rick said; You are NOT wasting your time.... Of course, my statement is dependant on the cans you are picking up... If you are picking up a lot of composite cans... Well, the value of them has not kept up with metal cans...

IMO, if one is patient they can find a number of good looking cans in the $40-$50 range.... Cans that others will also find interesting....

I should've clarified, I'm not buying any composite cans. I have bought cans that only have one good side (mostly 2 gallon cans), some missing tops (mostly 5 qt cans) and some have minor dents. Not buying many qt cans and most purchases are less than $20. I would post a few pics if I could figure out how.

...missing tops don't bother me (or affect the value too much, IMO) - if the paint's good, it's not dented/rusted to hell and back, the price is fair - and I don't have it - I get it...

Missing tops on 5 quart cans is very common. They were used for storage of smalls, nuts and bolts etc. in many shops, hence the reason for many 5 quarts surviving today. 5 Quart Don told me a while back it doesn't affect the value of 5 quarts hardly at all.
Darin