Rule 4: Consider Appreciation.

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"I think you could probably buy any of the Gibson reissues of their famous guitars, and in a few years if you wanted to trade it in, get your money out of it. You can't do that with many things."

You're not buying an instrument to resell or trade, but you'd rather not buy one that will never again be worth the price you paid.

Guitar making is an art. Collectors and professional musicians have long recognized that and driven up the price on certain vintage guitars. For instance, Les Pauls from the fifties have appreciated over 2000%.

Some of the finest examples of the guitarmaker's art are the binding found on headstock, body, and pickguards; inlays in headstocks and fingerboards; and bookmatched flame figured tops and backs. The required handwork arts aren't exactly dying, but the cost is steadily rising.

For a guitar that will hold its value and, perhaps, even begin to show an increase after a few years, a well appointed guitar is the best investment.