Obviously, this thread is turning in to a "love fest" which is fine by me because I'm a dedicated fan of all the Smith & Wesson metal framed pistols that comprise the 1st, 2nd and 3rd Generation guns. To the immediate subject, I divide the 5906 in to two distinct classes of pistol when the subject of buying a used example appears.I've been wanting to buy an older Smith & Wesson semi-auto for a while and just learned today that my lgs has a 5906 trade in up for sale. I have not been able to go look at it yet but I did call the shop and was told it is in excellent condition. The finish is still perfect and it does not look to have been fired all that much. They are asking $325 for it. It sounds like a pretty good price to me but I am not very knowledgeable on any of the older S&W semi-autos so I do not know their usual prices. Should I jump on it or could I expect to be able to find similar prices anytime I want?
Those different classes are simple: former issued duty gun or simply a retail, personally-owned used gun?
And the truth is, Smith & Wesson views them the same way. They will honor warranty claims on these guns, but not if they were sold in a contract to be issued as a service or duty gun. (and S&W has the serial number records, so they will know even if you do not...)
And I make no statements about the end quality or serviceability of the pistol you end up with either way, but the "value" or price should reflect it's life to that point, in my opinion. Duty/issued/agency owned pistols tend to see a much harder life, certainly in physical exterior condition, but also often in the amount of shooting and handling it's had. Conversely, a duty/issued gun has sometimes also been maintained/updated by a certified armorer who was tasked with keeping that lot of pistols functional, would can be looked at either way, but as for "value" or buy price, a non-issued gun simply should, IMNSHO, carry a higher "value" or buy price.
That you found one at $325 means, also in my opinion, that you cannot lose either way. But if it were a pristine example, barely fired, in original box with kit, with hardly-touched OEM grip and no marks on it whatsoever, it's the kind of pistol that would Gunbroker for $500 and up.. If it's a former duty/issued gun with the kind of wear and goo in every crevice that we've come to expect, $350-$400 is a fair buy price in most markets.
FWIW, I own just one 5906 and my gun is one of the Bud's guns and as such, it was issued to some agency and saw some manner of service. I would love to know which agency, big or small as I love a tale behind any of my guns. When it came to me, it was in great shooting condition but you can tell it had been carried a lot. It wore a Hogue rubber grip that had rotted and that I had to remove in pieces and chunks, and left residue that I had to scrub off. With a NOS OEM Delrin grip, the pistol looks FAR better now, but the finish still has a level of wear that is in sharp contrast to the new-condition grip. It's a hard workin' gun that runs always.