I purchased a Yugo M48 mauser this year, and I really like it. I didn't see any reviews for this rifle here on CGN, but I did find a lot of posts asking if they were any good. So I figured that I would post my experience.
The Basics:
I'm not going to get into the history of this rifle, as there is a lot of information out there, and there seems to be a lot of contradictory information. These are a mauser style rifles made from 1948 to 1965. The action is shorter than the German k98k, so they are not copies. The Yugoslavians rebuilt k98s after the second war, but they are different from the M48. The M48 is a bolt action rifle chambered in 8mm mauser, aka: 8x57mm, 7.92x57mm, 8x57 IS. There were 4 variants of M48: M48, M48A, M48B, M48BO.
My M48 with accessories
My Rifle:
I always thought K98k rifles were neat, but I couldn't bring my self to drop that much money on one. The M48 seemed to be a nice alternative because it was nearly half the price. It doesn't have the history of a rifle that served, but it looks similar. I ordered mine from SFRC. It didn't come with any accessories, but the price was right, and I was able to find all of the goodies online. What I received far exceeded my expectations. The rifle appeared to be unfired; the barrel looked bran new, and the magazine follower didn't have a scratch. The Yugoslavians have a reputation of applying liberal amounts of cosmoline to their rifles, and reapplying every few years. I've had around 20 soviet surplus rifles move through my ownership, and none of them came with half the amount of cosmoline that was on this M48.
The serial number on the bolt matches the receiver, but the stock does not match. The floorplate does not have a number, but appears to be stamped. Stamped floorplates were (from my research) introduced with the M48B, whereas my rifle looks to be a M48.
Accuracy And Ammunition
How accurate is it? My first time out with it Gave me this grouping:
PPU 196gr FMJ. About 15/20 hit the target. About 4.5" group. 100m off of a sandbag. Iron sights. I would say that the M48 is quite accurate (or mine atleast). Adding a scope would really make this shine.
8mm Mauser is difficult to find, and expensive when you do. I only found PPU, Federal, and Hornady Ammuntion in 8mm. Prices varied from $30-$55 for a box of 20. None of these are premium rounds either.
I went out and purchased all 8mm I could find (more on that later), and tested accuracy. All are 100m with irons off on a wood rest. Wind was blowing towards me, probably ~20km/h. 5 rounds each. Temperature 0*C.
PPU 198gr fmj (same as above). Three are low and about 1" appart, but 2 about 5 " higher.
http://imgur.com/fiQtWzd
Federal 170gr SP. All low, but around 2.5" group
http://imgur.com/UuT20OU
Hornady Custom 195gr SP. These shot higher than the other 2 types, but had a bigger group; 4.5"
http://imgur.com/S82G7j3
I have heard that ammunition manufactures load 8mm light, because of the number of really old 8mm rifles out there that could blow up with higher charges (i'm sure someone could explain this better than me). I read that Hornady does not do this, and that would explain why the Federal and PPU ammuntion hits lower than the Hornady. Or maybe I'm just using the poor sights wrong.
Usage
The M48 doesn't have the collectability of a German Mauser, so you are inclined to use it as a "shooter" if you intend to purchase one. The ammo prices on the other hand, make shooting this very costly if you don't reload. This was my first rifle in 8mm, and I was a bit worried about the recoil of 198gr bullets. All for naught, as it seemed to have very little. It must be due to the weight of the rifle. It is probably my favourite rifle to shoot right now. There's just something about putting nearly 200gr bullets down range accurately without recoil that brings a big smile to my face. That same weight that makes it fun to shoot however, really kills the practicality of hunting with it. I took it along on a moose hunt this year thinking that a 195gr bullet should end a moose fast. My back really started to hurt after a few minutes of walking. Perhaps an ergonomic sling would help, but I doubt anyone is buying this primarily as a hunting rifle. I intend to use this in "service rifle" shooting competitions this upcoming year. I feel that it should do quite well if I can get into reloading and make some consistent rounds.
Complaints
The sights are really poor. The front post is a thin triangle, and is all black. It is difficult to line up to the target on a good day, and impossible in low light. Painting the sight should make it easier to see, but i need to find some brighter paint.
The sing is not the most comfortable, and the end of it is right on the palm of your right hand. This can be uncomfortable.
There is no bolt disassembly hole in the stock. That would be handy when removing all of that cosmoline.
Overall
Overall I would recommend this rifle to anyone that wants a Mauser looking rifle. A "Real" German mauser is going to be more expensive, and a lot more worn than the Yugo M48. It is a joy to shoot, but ammo is difficult to find. The weight makes it impractical for hunting, and there are a lot of sporters out there that would be better suited. This would have to be one of the worst choices for a "shtf" rifle. Like all surplus, there is a variation in the condition. Mine seems to be really good, but there is not guarantee that they all will be like this.
Pros:
Low recoil
Mauser look, without the price tag
Not parts gun (ie; russian capture)
Bragging rights with 8mm 200gr bullets
Better condition than most surplus out there
Cons:
Not German
Not as much history
Ammo availability
Ammo price
Sights
Weight
Not ideal for anything but target shooting
Pro/con - Depends on your opinion:
No Nazi markings - people seem to desire these on their rifles
Cosmoline - I like the smell, the stickyness though...
Thanks for reading, discussion is welcome.
The Basics:
I'm not going to get into the history of this rifle, as there is a lot of information out there, and there seems to be a lot of contradictory information. These are a mauser style rifles made from 1948 to 1965. The action is shorter than the German k98k, so they are not copies. The Yugoslavians rebuilt k98s after the second war, but they are different from the M48. The M48 is a bolt action rifle chambered in 8mm mauser, aka: 8x57mm, 7.92x57mm, 8x57 IS. There were 4 variants of M48: M48, M48A, M48B, M48BO.
My M48 with accessories

My Rifle:
I always thought K98k rifles were neat, but I couldn't bring my self to drop that much money on one. The M48 seemed to be a nice alternative because it was nearly half the price. It doesn't have the history of a rifle that served, but it looks similar. I ordered mine from SFRC. It didn't come with any accessories, but the price was right, and I was able to find all of the goodies online. What I received far exceeded my expectations. The rifle appeared to be unfired; the barrel looked bran new, and the magazine follower didn't have a scratch. The Yugoslavians have a reputation of applying liberal amounts of cosmoline to their rifles, and reapplying every few years. I've had around 20 soviet surplus rifles move through my ownership, and none of them came with half the amount of cosmoline that was on this M48.



The serial number on the bolt matches the receiver, but the stock does not match. The floorplate does not have a number, but appears to be stamped. Stamped floorplates were (from my research) introduced with the M48B, whereas my rifle looks to be a M48.


Accuracy And Ammunition
How accurate is it? My first time out with it Gave me this grouping:

PPU 196gr FMJ. About 15/20 hit the target. About 4.5" group. 100m off of a sandbag. Iron sights. I would say that the M48 is quite accurate (or mine atleast). Adding a scope would really make this shine.
8mm Mauser is difficult to find, and expensive when you do. I only found PPU, Federal, and Hornady Ammuntion in 8mm. Prices varied from $30-$55 for a box of 20. None of these are premium rounds either.
I went out and purchased all 8mm I could find (more on that later), and tested accuracy. All are 100m with irons off on a wood rest. Wind was blowing towards me, probably ~20km/h. 5 rounds each. Temperature 0*C.
PPU 198gr fmj (same as above). Three are low and about 1" appart, but 2 about 5 " higher.
http://imgur.com/fiQtWzd
Federal 170gr SP. All low, but around 2.5" group
http://imgur.com/UuT20OU
Hornady Custom 195gr SP. These shot higher than the other 2 types, but had a bigger group; 4.5"
http://imgur.com/S82G7j3
I have heard that ammunition manufactures load 8mm light, because of the number of really old 8mm rifles out there that could blow up with higher charges (i'm sure someone could explain this better than me). I read that Hornady does not do this, and that would explain why the Federal and PPU ammuntion hits lower than the Hornady. Or maybe I'm just using the poor sights wrong.
Usage
The M48 doesn't have the collectability of a German Mauser, so you are inclined to use it as a "shooter" if you intend to purchase one. The ammo prices on the other hand, make shooting this very costly if you don't reload. This was my first rifle in 8mm, and I was a bit worried about the recoil of 198gr bullets. All for naught, as it seemed to have very little. It must be due to the weight of the rifle. It is probably my favourite rifle to shoot right now. There's just something about putting nearly 200gr bullets down range accurately without recoil that brings a big smile to my face. That same weight that makes it fun to shoot however, really kills the practicality of hunting with it. I took it along on a moose hunt this year thinking that a 195gr bullet should end a moose fast. My back really started to hurt after a few minutes of walking. Perhaps an ergonomic sling would help, but I doubt anyone is buying this primarily as a hunting rifle. I intend to use this in "service rifle" shooting competitions this upcoming year. I feel that it should do quite well if I can get into reloading and make some consistent rounds.
Complaints
The sights are really poor. The front post is a thin triangle, and is all black. It is difficult to line up to the target on a good day, and impossible in low light. Painting the sight should make it easier to see, but i need to find some brighter paint.

The sing is not the most comfortable, and the end of it is right on the palm of your right hand. This can be uncomfortable.
There is no bolt disassembly hole in the stock. That would be handy when removing all of that cosmoline.
Overall
Overall I would recommend this rifle to anyone that wants a Mauser looking rifle. A "Real" German mauser is going to be more expensive, and a lot more worn than the Yugo M48. It is a joy to shoot, but ammo is difficult to find. The weight makes it impractical for hunting, and there are a lot of sporters out there that would be better suited. This would have to be one of the worst choices for a "shtf" rifle. Like all surplus, there is a variation in the condition. Mine seems to be really good, but there is not guarantee that they all will be like this.
Pros:
Low recoil
Mauser look, without the price tag
Not parts gun (ie; russian capture)
Bragging rights with 8mm 200gr bullets
Better condition than most surplus out there
Cons:
Not German
Not as much history
Ammo availability
Ammo price
Sights
Weight
Not ideal for anything but target shooting
Pro/con - Depends on your opinion:
No Nazi markings - people seem to desire these on their rifles
Cosmoline - I like the smell, the stickyness though...
Thanks for reading, discussion is welcome.