Used firearms purchasing question--depreciation?

[smalls]

I talked with him and he wanted $550 for the gun, with him throwing in a box of rounds and an extra magazine. I'm probably overpaying by maybe $50, but last time I went shooting with him was in the middle of the ammo crisis and I probably blew through at least $50 of his ammo

That's the thing about buying things off a friend. You probably owe him somewhere, and he owes you somewhere, so as long as both parties leave happy, it's all good.

 

[USAF_Vet]

Wow, nice looking 1911. I'll get one myself one of these days. Congrats!

 

[RetiredUSNChief]

Honestly, that's a sweet deal.

I bought my Colt 1991A1 in (drum roll) 1991. I think it was $450, tax and all, if I remember correctly...bought it new.

$550, with what amounts to more than $50 worth of ammunition plus an extra magazine really means you paid a wee bit less that $500 for the pistol...which, as you found out, was essentially new.

My only advice now is to get out there and shoot it. Have fun!

 

[Fremmer]

Yeah, 500 or 550, either is fine, don't worry about the exact amount if you like the gun.

 

[Baba Louie]

I predict you'll get at least $555 worth of fun and joy out of your new R1 within the first year of shooting it. Maybe $600 worth of fun and good times.

Quite easy, heck it ought to be a rule, to spend more in ammo than the actual arm itself in the first year of ownership. 20 - 30 boxes of ammo...

Nice score. Money well spent on your inaugural 1911.