I think with modern CNC manufacturing, and better manufacturing procedures, and processes it is becoming easier and more common to make a decent firearm at a lower pricepoint, without highly skilled labor, and still make it work.
That being said, I'd rather pay $900 - $1,100 for a new Colt. Not being snobbish, I just prefer the quality, and performance I know I'll get. Nothing wrong with the lower priced guns.
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