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Question about a Colt SP1 converted/registered as a machine gun


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Hey guys,

I am kind of new to the Machine guns, not as much to NFA items as I have a few cans, SBRs... and I have an SOT. The other day I came across an AR15 Colt SP1 that has been converted some time ago and registered on Form 4(I believe). The owner described it as an M16 even though clearly it's a preban AR15 Colt Sp1. According to the owner, he referred to it as an M16 as the Govt looks at them as M16s. I see the prices on genuine M16s in the $30 to 40k price tags; what would be a fair price on the rifle in question? I saw Ruben's website showing a couple converted AR15s in nice condition I wonder if similar high $20k price would be considerable for this SP1? 

Thanks for your time in advance,

Lev


2022-07-15-10-32-56.jpg

2022-07-15-10-24-50.jpg
 

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Posted (edited)
1 hour ago, Youlen Enterprises Inc. said:

$25k quick sale…$27-$29k top shelf.

Thank you Youlen, the lower definitely has seen some better days. Seems it was painted at some point and portions of the paintjob still visible. It's not a jewel but it's a machine gun LOL. If I understand correctly, private to private has to go through paper F4 with one $200 tax payment(not 2) which will be close to 12 months wait? Appreciate your time

Edited by SilentOperator
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Paper form 4 to dealer took me 6 months recently. If he’s in the same state as you could do form 4 from him to you… would be looking at 12-13 from what I’ve seen recently. Also value that at 25ish in todays market.

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Just now, SilentOperator said:

Thanks for your time as well. Even in "rough" condition it would bring that much? 

Lol I mean I don’t think it’s in “rough” condition from the looks of it to me… you can always try to offer less but if he wants more he will get it. Offering to much under fair market may offend him an then he tells you kick rocks. 

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The rough part is the lower with paint showing in some areas, scratches on upper but yeah I agree it's not in bad shape. Will make an offer tomorrow and see where we end up. My first potential FA rifle and I m really excited about it LOL.

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$25k for an SP1 conversion gun? That seems kinda high but I haven’t been watching the conversion M16 that much. I would have thought the M16 conversion market be on the lower side of $25k not the higher side. 

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One of my first questions would be, "Who done the conversion?"  Is it a quality conversion?

And take a good look at the registration paperwork. Sometimes, things are not what they appear, pays to be cautious. 

These are all factors that help to determine a fair value.

Good Luck !!!

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5 hours ago, Got Uzi said:

$25k for an SP1 conversion gun? That seems kinda high but I haven’t been watching the conversion M16 that much. I would have thought the M16 conversion market be on the lower side of $25k not the higher side. 

5 hours ago, Got Uzi said:

$25k for an SP1 conversion gun? That seems kinda high but I haven’t been watching the conversion M16 that much. I would have thought the M16 conversion market be on the lower side of $25k not the higher side. 

Everything is high now.. I'm still a bit shocked how high it has gotten but I have seen SP1s sold around that price range. 

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I was told to check out a fellow member's website who operates out of Miami. Seems that his prices are usually at market value and a lot of SOTs use him for setting value. We are talking really high $20's on similar weapons. Made my offer to the gentleman now waiting...

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6 hours ago, Colt Chopper said:

One of my first questions would be, "Who done the conversion?"  Is it a quality conversion?

And take a good look at the registration paperwork. Sometimes, things are not what they appear, pays to be cautious. 

These are all factors that help to determine a fair value.

Good Luck !!!

Thanks again for a great suggestion. Lower is stamped with a gentleman's name Phoenix, AZ and my search brings up ZERO hits on anything NFA. I will inspect both Form 4s perhaps today but knowing the owner I am confident all is good to go.

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  • 3 months later...

I was in Europe for 2 months, this is just a quick update on the above discussed topic. Purchased both the Mac 11 and the Colt SP1 conversion from the same Gentleman who is also my neighbor. Paperwork was sent in at the end of July, Now the waiting game... I have 2 E-filed silencers in the works filed also in July and what I am hearing is that E-files are now closer to 5-6 months than 90 days. Not in a rush, the cans are in my safe :D 

Hope everyone is doing well,
Lev

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On 7/18/2022 at 12:40 PM, SilentOperator said:

Thanks again for a great suggestion. Lower is stamped with a gentleman's name Phoenix, AZ and my search brings up ZERO hits on anything NFA. I will inspect both Form 4s perhaps today but knowing the owner I am confident all is good to go.

Checked my reference data of transferable DIAS's, lightning links, and registered receivers.

Sounds like a "one-off" registered receiver.

Can you PM me the Name ("HRC") and full SN for my reference data (all information is strictly confidential)?

Thanks.

Tony

Edited by AGG
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1 hour ago, AGG said:

Checked my reference data of transferable DIAS's, lightning links, and registered receivers.

Sounds like a "one-off" registered receiver.

Can you PM me the Name ("HRC") and full SN for my reference data (all information is strictly confidential)?

Thanks.

Tony

Well if that's the norm here, I have no problem sending you info on the 2 weapons...

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