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That ought to be achievable for £600 or so. Being picky about shape, colour, brand, country of origin, and so on costs more.
So depending on what sort of guitar I'm looking for at the time, the answer could be £400, £1500 or £3000.
Ibanez Artcore series. I would suggest they compare very favourably with Gibson semis two or three times the price. Specifically the AS93 which I've had the pleasure of playing, a shit-ton of guitar for under £500.
Granted the difference between a guitar under £1000 and over is more minimal than in the past - But there is still something far more special in a more expensive instrument - Some might say subtle - But if I can feel it, hear it, like it and afford it, then I know where I want to be
The minimum requirement for me would be that it is playable with a ‘reasonable’ action - which again is open to interpretation, can be intonated and holds its tuning. Given the prevalence of digital modelling amps and multi-fx processors, the sound of it would be less of a concern.
Based on this - a Squier Affinity would probably meet the definition.
A used US Standsrd Strat can be bought for £500 if you bide your time - that’s a ‘very’ decent guitar, as far as I’m concerned.
p.s. Autocorrect attempted to put 'name on the headstone'!
New or used? Mmmm..... remember, it would have to be an available guitar, not a dream guitar or one you've never seen for sale.
Not intended to be anything to do with manufacturing cost. Or timing. A decent guitar is a decent guitar regardless of when you're looking. But having said that, maybe you can cite an example of a decent guitar you did buy, and what you paid for it (if that's something you'd like to share). If you don't think it decent or if you aren't prepared to pay £1,500, then maybe it shouldn't count.
My example: I considered this Fender Longboard Strat a decent guitar - well made, sans bling, great aesthetics, good wood choices for body, neck, the right pickup combo (H-S-S), hardtail (keeps maintenance simple). It sure ticked a few boxes when it was announced at NAMM 2015, and I went for it without blinking - pre-order and had to wait 7/8 months for it:
https://imgur.com/4YmDEAt
Unfortunately my playing ability would be an absolute waste on a 6k guitar but worthy of a more realistically priced guitar, the likes of mim fenders are perfect for my level, yet having played acoustics for a lot longer I would and have paid a grand and over.
So to answer:
Acoustic £1000
Electric £500
The good news is that puts them in the £600-800 range (if you hunt around a bit).
I've been having fun recently with a Supro Westbury and an early 80's Squier H2 Bullet - More expensive versions of such guitar don't exist - You can't play everything on them - They are not the be all and end all, but they have a character that I like and if you keep your playing 'more simple' in a Bo Diddley/Muddy Waters type of style, then they do a great job - Both are still off the shelf original with no thought about changing anything
The LTD MH1000ET is closest, I changed the neck pickup on mine.
For me I’d want an evertune on a guitar which generally means modding as there aren’t many choices off the shelf.
If we ignore that I’d happily play any number of PRS SE, LTD or MIM Fenders (though higher than standard as I don’t like the pickups). As long as the fretwork and setup is ok I’m happy with ballpark specs and a comfortable neck shape. Incorporating used prices I guess under £400 then.
Acoustics seem to be much more expensive to get a really nice sounding one. I’m less up to speed with current models though to give examples.
As a general rule of thumb you can look to save a 1/3 - 1/2 the cost of a guitar if you buy used. Provided you buy from a reputable source (eg on the Fretboard here!) you'll avoid being caught with a fake (eg Gibson Les Paul's) or a dog that's not been looked after or set-up properly.
So in answer to the OP's question, if you wait for something to come along, £400-£500 will get you a brand new guitar of sufficient quality comparable to anything out there. It just won't be made out of unobtanium.
Used, the £150-£250 range will get you a very nice Indonesian-made or Korean-made instrument. And if you find a Godin SD, you can have a North American-made guitar for around £250. Korean PRS SEs can be found around £250 or less. Yamaha have loads of midrange Indonesian stuff - I picked up an RGX320FZ (crap name, great guitar!) for £150 - that's a great rock guitar with set neck, binding, Strat-shaped body and scale but Les Paul-style electrics. Indonesian Squires can be great - a Squier '51 is all the guitar anyone really needs, and they're sub £150 all day long.
If you can stretch to £500 you can get some really nice used US stuff - Strats, Teles, Les Paul Studios and Tributes, PRS S2s, and all manner of Japanese Fenders. You could luck into a "transitional" Japanese Fender from around '85 which have a whiff of vintage about them and play fantastically.
Overall, unless you want rare woods or something old and collectible, £500 gets you a solid guitar for life.
You don't buy a car, used or new, and expect to change the gearbox or the seats before use. Why should guitars be any different? My own experiences in the past six months involved a search for a decent bass. Every Fender Mex felt like it had been thrown together, some where so poorly 'built' that no amount of setup would ever make them playable. These are €700 instruments. Squiers are cheaper and better put together but using inferior hardware and nondescript pickups. To make a Squier play and sound the way I wanted would mean a total rebuild of a new instrument! A ridiculous state of affairs in anyone's book. I bit the bullet and bought a USA Fender bass, one that was properly built, plays great and sounds the money it cost.
In this day and age of global business, it is not good enough that a guitar costing £400 new, should require a £50 setup and £200 on replacement pickups and controls to get it 'right' You end up spending £650 on a guitar which should cost (max) about £500 as manufacturers can buy hardware at much lower prices than you or I.
My hard earned advice to the OP is to buy 'good' from the start. By good I mean a better guitar than you think you will ever need. Buy cheaply and you will need to upgrade. Again and again. Ignore the BS about selling it on for what you paid for it, you end up losing no matter how you do it. Buy good, buy once and be done with it. Then play your guitar and enjoy it.
Nil Satis Nisi Optimum
I’ve got two decent acoustics. One I take to acoustic gigs. T’other I don’t.
No. I’ve always modified my electric guitars. “Decent” is always going to be a personal definition.
I’m not asking for my benefit, I am just putting the question out there.