It all depends on which model. Most folks I've read about are happy with the fullsized Llama 1911 clone.
If it's a Llama MiniMax Compact, some parts interchange with 1911/Officer's models. Overall, it's for the most part ruggedly built and suprisingly accurate. My Dad (who regards my milsurps & most of my stuff as "junk", was impressed enough with my MiniMax Compact, that he made me a set of walnut grips.
If it's a MiniMax SUBcompact, I'd pass on it. I got one in trade & it was not only really fussy about ammo & jammed with my handloads, where ALL my other .45's ran fine with it, but it needed massive trigger work to make it function reliably.
I picked up a Llama Max-I 45 L/F for $125 from one of my son's friends who needed the money. I took to shooting LRN reloads to trim the shooting cost over factory loads and I have not had any problems other than keeping centers in my targets at 25'. I have not tried anything but ball and LRN but after all it's .45. Dead is dead and is deader any better? For $125 I think not. I think it's a nice investment for $225 as well for home protection or plinking if you don't get a lemon. Don't think I'd use it for CCW.
I've heard good and bad stuff about these guns. A while back, I shot a friend's full size Llama 45 which kept jamming and having other issues. We were using factory FMJ ammo. I wasn't impressed by its performance.
If it doesn't say Max-1 or MiniMax on the slide, it's probably a version made before the mid-1990s. Parts on those are generally not as interchangeable with Colt parts as the Max guns, but they are known as reliable and well-made shooters for the money. Their value is increasing, it seems, as I have not seen one in that price range in a while.
If I saw one for sale at that price, and it did not look obviously abused, I'd buy it immediately. I know I could sell it later for more.
I had a full size Llama .45 and liked it ok, it just wasn't quite as accurate as the Springfield I bought later. Sold the Llama to a friend of mine and I believe he still has it. It never failed to feed, fire, and the trigger was pretty smooth.
I love my Llama IX-B. I've put well over 1000 rounds thru it this past year and it has been fine with the WWB FMJ and JHPs. If the Llama full size pistols jam the first place to check is the magazines. Mark the mags when a round jams and if it's always the same mags you should recondition them with new springs and followers of get new ones. They are pretty cheap and you can use the standard 7 or 8 round M1911 mags they sell for about 20 or so. Many times the guts of the mags are gummed up from never being cleaned and it affects the Llama guns more than others. The last thing to check before giving up is the recoil spring. Get the Wolff 20# and it should fix a lot of feeding issues. It's usually not the gun but the other things.
I have one of the fullsize Llamas with the double stack magazines (holds 12). I've read all the negative reviews online and am really suprised by them. This is a big, heavy pistol (which works for me because I have big hands) that shoots very well. I've put several hundred rounds through it and have had good results. The only time it gave me any problem was with reloads that had "pointy" slugs on them (not sure of the technical term).
I recently picked up a 1992 production double-stack Llama IX-D at a gun show. Thanks to some helpful members of this forum I was able to identity it (mine did not have the model number stamped either). I have put a few hundred rounds through it with barley any troubles. The slide doesn't lock back when the magazine is empty but that is probably an 18-year old magazine issue. I have a new ProMag magazine on the way and am hoping that will be taken care of.
If you can, check the model year. It might help you determine the reliability and model. Near the trigger guard there should be a two-digit alpha numeric code stamped that the Spanish Government uses along with some Spanish proof seals. For example, mine has M.2 stamped which translates to 1992. Do a search on Spanish firearm makers marks and you will find a link to translate them.
For mine, I wrote down every mark I could find on the gun, posted it here and had it identified withing 24 hours. I recommend you go to the gun shop and do the same.
I was lucky and got a good shooter, but your millage may vary. I recently saw a Llama 45 that was built only two years later and it looked like it was made from cast scrap iron. Just horrible. When I shook it I could actually hear the parts raddling.
My suggestion would be to break it down. If it looks like it has had a lot of rounds put through it then you are probably OK. If it looks brand new, then run away. It probably jammed so much that the previous owner didn't bother shooting it much. Llama in now defunct and has been for several years so any Llama should some ware.
PS. Llama (the company) is pronounced "Yama", that Spanish word for fire. Llama (pronounced with a "L") is a big furry animal. You should not shoot big furry animals...you should shoot AT them.
PPS. Llama's are not 100% interchangeable with standard 1911 parts. A lot of it can, but not all. The one pain for me is that I cannot use standard 1911 replacement grips because Llama's mount the grips differently. I have a 13-round double stack mag which makes finding aftermarket grips all the harder.
The double stack IX magazines came it two flavor 13-round (pre-1994) and 10-round (1994 and after). I have 13-round mag myself. That last round it tough to put in, but you should be able to put a 13th round in the magazine. Of course that is for the IX-C/IX-D series double stacks, if you have a different series then the mags may be different.
The only new replacement mags I have found are from ProMag and they only have 10-round mags available.