I tell people this for what it's worth.
I've had 3 Colt 1911's, 2 series 80 guns and 1 series 70 gun. I've sold the two series 80 guns and kept the series 70. None made it to five thousand rounds without a significant parts failure of some kind that prevented the pistol from functioning as a pistol. Series 80 #1 had the front sight come off. Series 80 #2 had a spring failure, and the Series 70 had an extractor failure. All were current production as of when they were purchased and all were purchased brand new and had no apparent defective or incorrectly installed parts.
I either have bad luck or the ability of the pistol to maintain function is not what it could be. I have never abused any of my firearms and all were well-maintained. I fixed the problems as they occurred and I do mean I, not a gunsmith. Accept that if you purchase a Colt 1911 you also need the tools and knowledge to maintain it.
Buy spare parts (springs, extractor, firing pin, tools and gauges) and invest in some of the excellent gunsmithing manuals the detail how to maintain and replace wear parts on the pistol.
It's not a bad pistol, but reality is that if you shoot it a lot you need replacement parts and tools and/or a good gunsmith.
All three pistols had superb accuracy, good triggers, and good but not excellent function. If you shoot 1911's a lot, there's a noticeable difference between a Series 70 and Series 80, but it does not inhibit accurate shooting or fast follow-up shots.
I've switched to 9MM in recent years because I can't afford to blow through 500+ rounds a week like I used to. Kids, cars, mortgage, major medical, and other stuff that gets in the way of the important stuff in life, like guns and shooting.
If you decide to buy one anyway:
1. Shoot the crap out of it
2. If it breaks, fix it (and if possible do this yourself so you understand how/why things work the way they do)
3. See point #1