Grayfox got it right last May.
The 9422 is first rate and worth every penny.
Winchester's reputation took a real beating with their 1964 changes and started working hard to rehabilitate their reputation in terms of producing quality rifles.
The 9422 was driven by that need and was designed from the start as a very high quality no corners cut lever action rimfire.
It mostly stayed that way after it was introduced in 1972 with very few engineering changes. Winchester added the XTR models in 1978 with a higher level of polish on the flats of the hammer, lever, etc and in 1980 added checkering to the stock on the XTR models. The XTRs went away after 1989, but USRAC who now owned Winchester added checkering to all the 9422s in 1990-91.
Winchester also switched from a steel magazine tube to a brass magazine tube in mid 1978, allegedly to prevent rust. I've never seen a decently maintained 9422 with a rusty magazine tube and I suspect it had more to do with cost savings than anything else. It's a cut corner perhaps, but not much of one.
Winchester also started using the longer 9422M receiver toward the end of 9422 production. These 9422s have a slightly longer ejection port that allows about 1/16" of the bolt carrier to show behind the bolt.
More importantly they won't feed .22 Short and .22 Long cartridges. I'm not sure when this change was made, but I have a 9422 Trapper made in 2000 that has the 9422M receiver.
There are also reports of Winchester using 9422M magazine tubes with the larger opening for the .22 WMR on some later 9422s, but I've never seen one.
There are also people who say the 9422 was discontinued because the tooling was worn out after 33 years of use, and the quality fell of in the last years of production. Again, I have a 9422 made in 2000 and it shoots and functions just as well as my 1978 9422 XTR. The finish is also comparable, with the exception of the higher polish on the hammer and lever flats that is a trait of the XTR rifles.
My understanding was that the 9422 was discontinued because it was really expensive to produce and they couldn't sell them for a price that left a reasonable profit.
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Below you can see the difference in the polished flats with my 1978 9422 XTR and my 2000 9422 Trapper:
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Both my 9422s will shoot 3 to 4 MOA at 100 yards with standard velocity ammunition and they are exceptionally smooth operating lever actions. The take down design is also a plus, and I added aftermarket saddle ring screws to facilitate taking them down without tools.
If the 9422 has any flaws they are in the form of the short grooved receiver where you sometimes need to get creative to mount a scope:
I opted to add tang sights to both of mine. It preserves the excellent lines and handling, while allowing full advantage of the 9422s accuracy potential.
The other arguable flaw is the inner magazine tube has a habit of falling out if the carbine is carried muzzle down with no rounds in the tube. You'll encounter a lot of 9422s with aftermarket replacement tubes after the original fell out, probably when a shooter cleared the carbine or shot it dry, and then walked back to their vehicle, etc.
It's an easy preventative measure to add a small o-ring to the tube to add a bit of pressure holding the pin in the inner tube in the detent in the outer tube.