Really, I don't usually buy cheap tools. I appreciate high quality, and if I can remotely justify it to myself ("well, I just might use this a second time within the next decade... certainly within the next two..."), I'll spring the extra bucks and get the better version.
However.... part of me is a sucker for an apparent bargain and every now and then I do get something cheap, although usually with my eyes open. So it was last summer when House Of Tools (here in Canada, don't know if they're in the States) had a drill index with 1/16in to 1/2in drill bits in 64ths for some silly low price ? don't even remember what ? 5 bucks? 10? Anyway, they were sharp, I figured how bad can they be? Maybe the steel is junk and they'll lose their edge immediately ? I'll just reserve 'em for drilling plastic, balsa, stuff like that, right?
So finally the other day I need to drill some nice soft plastic, got 'em out, chucked up the bit I needed. Hmm. Must have chucked it off-center. Seems to be wobbling. Rechucked, paying attention this time. Hmmm? Still wobbling. Took it out. Rolled it on the drill press table. BENT! Straight (if I may use the word) from the factory! Argh! Sheesh. Ya can't trust anybody anymore. I expect cheap stuff to wear out in no time, but I imagine I'd get at least one gentle use out of it before it died. Maybe some of the rest of the set is usable.
Oh, well. Cheap lesson? At least it wasn't a $4K lathe.
Mickey