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It looks to me that Collings won’t bring back the Waterloo line. That’s their right, but the prices for new Collings (and SCGC, H&D and Bourgeois) are just way beyond what I’ll pay for a guitar. I hope that some former Waterloo employees will start building guitars similar in concept to the Waterloos. I did recently buy an Isis Ms-00 12-fret, which is a great guitar, so there is that option. I had been on Tony Klassen’s wait list for one of his Crooked Star guitars, which were similar in concept to Waterloo.
Iris seems to be the best alternative right now. I played an AB model and the Dan Erlewine signature at Elderly Instruments and they both impressed me. As Georgelange mentioned, there are used Waterloos to be found but they're not in large supply. I know I'm holding on to my WL-12. I sold my WL-S Deluxe just as covid was pushing up their value and I made a few bucks on the sale. One year later I was amazed to see the asking price on that model. It was a great guitar but I don't think I would give 5k or more.