Universal M1 carbines have a bad reputation - but they are not all created equal.
There were over 450,000 of them made from 1961 through 1986 and the design varied a lot over that period of time.
The early Universal carbines had 100% parts commonality with GI M1 Carbines. They were essentially a Universal manufactured receiver with surplus GI parts used for the balance of the carbine.
The first major change (in about 1963) was the switch from GI trigger housings to an aluminum trigger housing using the same shape and profile (narrow around the trigger guard, wider around the magazine well). Universal only used this design for about a year before they introduced a second design with a constant width from trigger guard to mag well. These trigger housings were no longer compatible with GI stocks unless they were inletted to fit the wider housing. They started showing up around SN 18,xxx and the conversion continued to around SN 44,5xx and it's rare to find a GI style housing beyond that number.
A second minor change was a change from the GI front sight retained with a key to a sight retained with an allen screw.
The major change occurred at SN 100,000, in part due to GI parts starting to dry up. As Universal incorporated more and more commercially made parts, they started having problems with the compatibility of GI slides with their receivers, as well as issues with using GI gas piston nuts in the gas chambers on their barrels . The result was Universal redesigning the barrel, gas system, recoil system, and receiver on their carbine, making it no longer an M1 Carbine, but rather a new design that looked like an M1 Carbine.
Externally, the most obvious visual difference is the open/skeletonized operating rod/slide assembly where the lug on the bolt is visible in the cut out in the operating rod.
These slide/operating rods actually come in two flavors - those designed for round barrel and those designed for square barrels. Other internal differences are a two piece gas piston and dual recoil springs.
In the mid 1970s around SN 196,xxx Universal switched to their own bolt design. This was a good news / bad news change. The good news is that it used a u shaped recess on the back of the bolt to prevent firing pin contact until the bolt had rotated fully into battery, which resolved the problems with improperly machined commercial receiver bridges that did not always prevent the hammer from contacting the firing pin until the bolt was fully locked. The bad news is that Universal didn't harden the front and rear of the bolts quite enough so they wore faster than GI bolts. Those are areas you want to carefully inspect on a Universal Carbine.
Universal also added a slide lock about the same time, which is a small lever on the right side of the rear of the receiver.
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A larger issue with the Universal carbines is the way they may have been maintained over the years. Many people and more than a few gunsmiths may have tried to make repairs with GI parts or other commercial parts that are not compatible with the Universal parts, or they may have used Universal parts from different eras of the Universal Carbine's design evolution.
They can be exceptionally good deals, and once Universal worked out the bugs on the design changes, they produced some decent shooting carbines. But you have to evaluate them carefully for mechanical correctness as well as for wear on the commercial parts.
But if you can find an early low serial number Universal carbine with the GI style trigger housing, it's worth snapping up as the number of commercial parts are small and they are essentially interchangeable with GI carbines.
There are some other gems out there as well. Between 1975 and 1979, Universal made carbines for police departments that specified GI parts. They were called the Model 1000 GI Style M1 Carbine. The appear sporadically between about 308,xxx and 398,xxx. They vary a bit by agency specification from completely GI compatible to not quite 100% compatible but they are great carbines.
If you find one marked like this:
snap it up as that mark indicates 100% GI compatibility.