Buying used gets more bang for your buck but only if you are not buying someone else's problem.

Use the Advanced Search feature under this website's Marketplace, plug in "5 string resonator", set the price range that suits you, hit the "GO" button and you're off to the races. There are a few very compelling deals in the Marketplace that match your criteria. Ask questions, do your homework, and I'm sure you'll find a banjo that meets your needs. All of the fun is in the hunt. Best of luck.

used Goldstar

Worth checking your local instrument shops. Guitar Center sometimes has a loose banjo for a decent deal, and I got my Alvarez Montana for $500 at Music Go Around, a smaller used instrument franchise.

Congrats and best of luck Jeremy. Listen to me !! Play as many different banjos as you can. Take your time. Buy what feels/ plays right to you . Do not pay attention to the name on the head stock. We are blessed to have a lot of great banjos being made today . Did I mention.. Take your time ?.!

That's a good question, and there are a couple factors relating to the way you value a musical instrument that play into it.

Do you value pristine cosmetic condition? Do you prefer something that is "all original" from one "maker" over something assembled from parts by an individual? Do you care if something is built closely to a prewar Gibson spec or not? Finally, do you care about collector value?

Really high quality banjos can be had in your budget (or less) if you don't care as much about the things that drive up the perceived market value.

For me, I don't care if a banjo has scratches/dings because I'll do that eventually anyway. I don't care if something is "original" or a "parts banjo" because most makers source parts from many sources anyway. I do care about Gibson style construction because that's the tradition of the music to some degree. Finally, I think most of the things that add to collector/market value are dumb and illogical (ie "Rich era" Gibsons vs later models and vintage Gold Stars vs modern ones).