I have been playing a few years. I am not a real good player and the fretted banjos that I have been playing are cheap student models (Kay and Harmony). But I figured they were good enough for my playing (can't put lipstick on a pig). Now I finally broke down, (didn't tell my wife) and bought a quality custom banjo from Pisgah Banjos in North Carolina.
Wow! The thing is beautiful. It plays and feels so much better than my others, no intonation or buzzing issues! The other banjos are pretty much decorative wall hangings from now on.
S0: Why did I wait so long? Do most people start out with a cheap banjo and move up or if you think you will stick with it just dive in and spend a grand?