Imho, lack of quality on Colts part is less the issue than the fact that Colt has a lot more overhead than a few guys in a metal building making lowers on a CNC machine.
Because of that Colt just can't afford to sell a ~$500 AR.
The price of the hardware required to manufacture parts has declined very rapidly in the last decade.
It just doesn't require highly trained craftsmen and expensive infrastructure to manufacture AR's anymore.
The other problem, as they mentioned in their press release, is the market for AR's is completely saturated.
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