First off, I apologize in advance to Denis. You know where this is going before I even get started.
In my view, there is no other subject in the world of firearms that better proves to me that perception is everything. People have a lot of weird perceptions when it comes to Colt's. While single actions are a passion for me that often defies logic and reasoning, I apply a whole lot more logic and reasoning here than blind emotion. When I buy a SAA, I want the best, most authentic sixgun I can get for my dollar and that my friends is NOT a 3rd generation Colt SAA. It takes a lot more than a famous name stamped on a sixgun to impress me. IMHO, there is no more "authenticity" in a new Colt than there is in any replica. Colt's are a little better with nicer, real case colors than Uberti and that famous name but that's about it. Sam Colt's heir does not run Colt Industries. It is a corporation like any other. A company which has survived a long time on its name with lackluster products and overpaid union employees. That Colt romance is an illusion. The original Colt SAA was a handbuilt masterpiece. It was hand finished with a bone charcoal color case hardened frame, loading gate and hammer. The blued parts were finished with charcoal bluing (not that crap the imports market as charcoal blue), which is one of the most beautiful, striking and durable blued finishes available. While the overall design is the same, you won't find such things on a new Colt. You'll find muted case colors, hot salt bluing and a white sided hammer. If you buy a Colt more than a few years old, you'll probably also find a lot of overpolished parts and a lot of roughness inside. My own 3rd generation New Frontier .45Colt looks like it was polished by an angry 600lb gorilla. It also took me several hours of stoning to get the action smooth enough to be acceptable. That, to me, is no more "authentic" than a Ruger.
Enter USFA. We had no idea how good an SAA could be until USFA showed us. These guns are precisely machined on CNC equipment. They are properly polished. The flats remain flat, the screw holes are not dished out, the lettering is not wallowed out and the edges are crisp and sharp. The standard single action, which costs $200-$300 less than a new Colt, has a comparable hot salt blue finish and white-sided hammer but brilliant case colors applied by Turnbull. If you spring for the Pre-war model, you're paying Colt money (~$1200) but you're also getting the gorgeous charcoal bluing of old and those same spectacular authentic bone charcoal case colors with a colored hammer. The inside is as well finished as the outside. No roughness, no machine marks, no lack of attention. These guns were made to shoot and with precision. The dimensions are correct for their chamberings, something Colt still can't get right. The actions must be felt to be appreciated. They are smooth and feel like a precision instrument. No action job is necessary for proper, slick function.
IMHO, if you want an authentic new SAA, you want a USFA Pre-war. Period. They are more authentic reproductions of the original 1st generation sixguns and are better made guns throughout. If you want a second-rate replica with little in common with the original, other than a famous name, buy the Colt illusion. The newer Colt SAA's are much improved over previous 3rd generation iterations but are still a poor value. At least they have re-introduced the New Frontier and Turnbull will be doing the case colors.
Although you better hurry on those USFA's because it looks like that gravy train is over and done with. Which is truly sad.
If you want a "real" Colt, buy a 1st or 2nd generation gun.
I could buy whatever I want and my money goes into USFA's:
The benefit to Colts are they hold their value, or go up better then pretty much any of the other guns mentioned.
This is the myth that just won't die. Newer Colt's depreciate just like any other used gun. There is no magic here. You can't buy a new Colt for $1200, shoot it for ten years and sell it for more than you paid. Folks really need to stop repeating this nonsense. The truth is that Colt SAA's have been $1200 for as long as I can remember. So if you bought a new Colt SAA 20yrs ago for $1200, your sixgun is actually worth less due to inflation AND because the guns of the last 5yrs are vastly superior in every way. Old Colt's retain their value. 3rd generation guns are like everything else.