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).

If you have 2 grand to spend you can get something pretty darn good. . Do a lot of looking around. Make it fun . I just bought a gorgeous banjo from someone on the hangout for 2500. Used but looks like new. Im sure its worth more than i paid for it. You might look for something just a wee be more expensive and try to talk him down. Who knows .you may get lucky. Good luck!
The classifieds on the hangout are a great place to start.

I got an older Deering Sierra from guitar Center for $998. It’s all the banjo I’ll ever need.

Deering upgraded their Sierra some years ago, with fancy inlay, and a drilled tone ring, but the older ones with dot inlays are still around, just as good, and pretty reasonable cost.

I had Sweetwater hold back a Deering Goodtime 2 for me per stanleytone 's recommendation. I think I'll get it for myself as a combined Christmas/Birthday gift towards the end of the year! Never played one before but it'll definitely be better than the beater I have now :)

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Originally posted by Lassojack

I had Sweetwater hold back a Deering Goodtime 2 for me per stanleytone 's recommendation. I think I'll get it for myself as a combined Christmas/Birthday gift towards the end of the year! Never played one before but it'll definitely be better than the beater I have now :)

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A fine banjo in it's own right, but nowhere near a match for a used Gold Star, Recording King 35, 36, 75..

The better the banjo, the more a good set up will bring out it's true potential. 

Thank you to everyone for the help and information.
Much appreciated.

While $1500 to $2000 doesn't buy as many great banjos as it used to, it's still a very good budget with good choices in new import banjos and a few outstanding choices in used US-made and imports.

Banjo Warehouse has a large selection right now. Several things in your range (that others have as well) plus some interesting items. One worth a look is a 1980 Ode Style C for $1800.

For many years now, the Recording King RK-35 (technically RK-R35) and its sibling RK-36 have been considered the best bang for the buck at the entry to professional level bluegrass banjos. Because of inflation and tariffs they cost $1400 now. About the same price as the Gold Tone OB-150, another serious contender. If you prefer the comfort of buying new, these are great choices. Many retailers throw in a case, which is not included with these. Throwing in extras is how the retailers make up for not being able to advertise a lower price.

While Gold Tone's next higher quality banjos have pushed past $2000 now, Elderly is still showing a solid competitor Gold Star GF-100 for $1975. If you can find one of these used for $1200 to $1500 that would be a good buy.

1990s to early 2000s dot inlay Deering Sierras (made in USA) tend to be in your price range. It's been a while since I've seen one with the current fancy inlay  turn up at that price. Killer deal if it does.

You've received great advice from others.

Have fun shopping.

Definitely used!!!

Three vintage (1960s-80s) American made banjos that were considered GREAT banjos back in their day are the above mentioned Ode/Baldwin Model C, and also the Fender Artist (made in California). These are not rare, and come up for sale at $2000 or less fairly often. You sometimes also see Vega (made in Boston) Pro, Pro II, Scruggs and Scruggs II, and VIP models, all from the 1960s and early 1970s. Again vintage American high quality banjos, pro-level. Play them anywhere you can find them to see if you LOVE their sound, feel and looks.

I agree strongly with recommendations on used Gold Star Model 100 and Model 85. Also used Recording King models 35 and 36. These banjos are fairly plentiful, used.

Take your time, visit banjo sellers, and try out as many banjos as you can, anywhere. Go to banjo camps, festivals, winter organized jams, and "shop".

You have plenty to choose from, so take your time and buy something that speaks to you.

With that kinda budget, and playing many older styles, you might enjoy a prewar Gibson style 00. I don’t know what they go for now, but they sound good, are fairly light, very well thought of banjos. You’d probably have to buy a tenor double 0, and have a used lower cost neck added, i don’t know. The pot metal flanges go for a lot by themselves.