Quoted:
I'm considering buying a colt m16. Anything to specifically look for when I go to check it out? It's listed at $23,900.
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Transferable M16 machine guns and estimated market values:
RLL $13-15k
RR AR15 Auto Conversion $16-19k
RR Colt M16 & M16A1 $21-26k
RDIAS $22-28k
RR Colt M16A2 $28-33k
Websites to watch for good deals on machine guns:
http://www.sturmgewehr.com
http://www.shootersdepot.com
http://www.atfmachinegun.com
http://www.autoweapons.com
http://www.impactguns.com
http://www.subguns.com
http://www.onlythebestfirearms.com
http://www.davidspiwak.com
http://dealernfa.com
http://www.gunbroker.com
http://www.nfasales.com
http://www.classiiidealers.com/
http://www.westernfirearms.com/
http://www.urban-armory.com/
Website that tracks machine gun values:
http://www.machinegunpriceguide.com/
As for what to look for...remember when buying a colt M16A1 you are paying $5-10k premium for the "history" and/or collect-ability of the Colt name. If you want a shooter to use and abuse i would go with a conversion rifle like a Colt AR15 slab side or a non-colt Olympic Arms, but if you plan to take good care of it then look for a colt M16 that has not been refinished, repaired or has excessive wear of the anodizing or pin holes.
Feel free to post up pics here for some feed back. Assuming its roll marked Colt M16 or M16A1 i would say $23,900 is a Fair deal, not a steal but not getting ripped off either.
Just some general advice, if you buy online out of state or a personal transaction in state, IE not from a in state dealer you can avoid sales tax, which can easily be $1,500 on a purchase of that size.