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What are you planning on doing with it? Just range shooting, or will you carry it also? If you plan on carrying, get something really small (i.e. Glock 26 or so). Even a compact is large to conceal.
What caliber do you want? The larger the caliber, the more expensive rounds are. 9mm is common and fairly cheap. The Sig 357 is a great round.
Finally, price. New, Glocks and Sigs are going to run you over $500 most of the time. Don't be afriad to buy a good condition used firearm from a reputable dealer. You can save some good bucks just because it's used. Also, go to the local ranges and ask their staff. They'll usually know if anyone is trying to sell a gun. Lots of time, when cops retire, they'll sell some of their "collection".
I have a Sig P228 and a Colt 1911. Both are excellent guns. The Colt is pretty much for collectable value as it's too big to carry and also being a .45 ACP, it gets pricing to throw lead down range. The P228 is one of the greatest guns I've ever shot. Being a little smaller than a full-size, it's great for people with smaller hands. You can't find the P228 in the US new anymore, but you can find the P229, which is almost the exactly same gun. The next gun I buy will probably be one of the 'baby Glocks', as no one else really makes something the same size & quality.
If you're strictly doing range work, look into the Ruger Mark III (might be IV). It's a .22, very cheap ammo, great for refining your skills and practically no kick. It's going to do much for self defense, but a fun handgun to shoot.
Hope this helps.
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