Picked up a 700 in .223 today. First long gun for me except a 10/22. Might call me late bloomer since I am in late 50s. It is a combo pkg with rather cheap 4-12 scope. Managed to get about 20 rds down range and still working to get sighted in. Pleased with cost which makes it extra special.
If old enough say 1990 or older they seem to prefer lighter weight 223 ammo. Seemed that newer ones will shoot the heavier ones better. You are going to like it. I need to get my triple deuce out and sight her in. She misses me.
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What model did you get? Do you know what barrel twist it has? That will help determine what weight bullets will be the most accurate.
My 700 PSS is a heavy barrel .223 with a 1/9" twist. It LOVES 62 and 69 grain bullets. It'll shoot the 62 grainers between 3/4" to 1" groups at 100 yards all day long. Over 200 yards the military 62 grain open up to 3-4 MOA beyond 200 yds. The Hornady 68 or 69 grain Federal Gold Medal Match ammo (and Black Hills blue box) shoot between 1/2" to 3/4" at 100 yds and stay under 1 MOA beyond 400 yds, which is as far as I've shot it.
Enjoy your 700 and find the cheapest most accurate rounds it likes!
My son has two savages and he likes them both. Both the 223 and 30.06 shoots very well. In fact he got me into long guns I got the 700 Remington sps tac. like if very much still trying to get it to shoot the way I want it to or it might be me. I think that it is me rather than the rifles. Anyway it is fun to shoot and I will get better. This is the picture of 100 and 200 yards with the 700. This is using Win. 7.62x51 ammo.
As soon as you find the ammo it likes best you'll want to upgrade that scope. Those package deals are kinda nice to get started quick but it don't take long to figure out how cheap the scopes are.