Most of my 30+ locomotives were bought used from eBay, the OGR Forum and local train shows. Most of my locomotives are steam engines. All but one are MTH Rail King locomotives, and most of them have PS2. A few have PS3, and I am down to 2 remaining PS engines. My experiences are:
> I have never received a dud / misrepresented used locomotive;
> My price limit for a used Rail King locomotive is $450;
> Expect that the traction tires and smoke unit wicking on a used locomotive will need replacements. MTH smoke units are fantastic, and easy to maintain. If not equipped with a BCR, expect that the battery will need charging before running the locomotive. Charging a battery by letting a locomotive sit on a powered track takes way too much time. Take the battery out and put it into a conventional charger;
> High time readings on used locomotives are misleading as the clocks are running when the locomotives are sitting on a powered siding;
> No mechanical running gear problems, but a few (less than 6) previously owned PS2 locomotives developed issues with their electronics. Problems have been bad solder joints, broken tether wire, and some some circuit failures;
> Speakers may sound horrible upon arrival of a secondhand locomotive, or might sound horrible after a few hours running;
> The BCR is superior to a battery, but they are expensive. My preference has been to use a rechargeable Nimh as a replacement for the MTH NiCad battery. I also am making my own capacitor arrays to replace 9V batteries;
> The circuit board draw bar connecting the engine and tender of PS3 locomotives is scary / tricky to connect;
> The electronics in PS locomotives are problematic, and difficult to cycle through features. Both of my PS locomotives need to be reset, so they are not running now. I intend to sell them both, a Rail King 2-8-0 and a rail King NH EP5;
> PS2 and PS3 have fantastic features and run excellent with a TIU, a DCS Remote and a Z4000. I rate PS2 slightly better than PS3 because I find PS3 is slightly finicky to operate;
> Lionel make some excellent locomotives which are not available in Rail King. I have often thought of buying a dead Lionel locomotive to upgrade with MTH PS2 electronics. However the high cost of the PS2 and PS3 electronics makes this concept a non-starter;
> More than once I bought a locomotive with a fantasy paint scheme, and later bought a body or another locomotive to swap out the fantasy body;
> Mallets run the best through complex track arrangements with 031 and 042 switches and curves;
> It has been my experience that Rail King locomotives are superior in construction, performance and reliability to comparable lines of other brands. Thus I have liquidated all non-Rail King locomotives but one Lionel TMCC unit.