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Power tools. If you are not a professional and need to buy a tool (if you can't borrow one), buy the cheap one.
I used a $30 Ryobi drill for over a decade and it was fine.
This is solid advice. If you buy a cheap one and use it so much it breaks, you'll know you use it enough to warrant a nicer one.
Ironically, it didn't break, but when I was on the road and needed a power drill to fix something, I didn't feel bad about dropping $500 on a new Milwaukee from Ace hardware.
I wouldn't even call Ryobi the cheap one, they are good quality and cost more than many others. Harbor Freight is what I'd call cheap - my rule of thumb is that very simple hand tools from HF are OK but anything complex is probably not
We needed a router for one job. My boss got a router from Harbor Freight. Burned through the brushes halfway through (same day). Swapped brushes. Finished the job.
His alternate plan (if we burned through the second set): return it as dysfunctional. As it would be same day, replacement would be natural.
I think he ended up taking it back for a refund after the job was done.
I bought a cylinder head pressure gauge from HF and took it home, didn't work at all. When I looked at it closely I could see that it was completely missing the core valve that is supposed to be in the bottom. It was just a hole instead of a valve. Took it back for a refund next day.
But don't cheap out on drill bits, nor should you try and use the same drill bit for like a decade without sharpening it.
Think of drill bits like a good, sharp knife. Knives cut far better and far easier when they sharp, exactly the same with drill bits. If you trying to cut something you would normally pick the right type of knife to do the job, exactly the same with drill bits.
If you driving screws or other fasteners with your drill consider better quality driver bits if you have a lot of them to drive, such as building a deck. Good quality driver bits cam out far far less and will take more torque so be faster/go in better. Using cheap driver bits is probably worse than using cheap drill bits.
Is there a sharpener you recommend? Drill Doctor?
Never tried sharpening them myself, always used a service as standard jobber bits are less than a pound to get done for you. I normally save up a bunch of stuff including saw blades and get them done at once to save on shipping at hit the low volume discounts.
However, its only worth doing on quality components, I wouldn't pay a pound or waste my own time to get a cheap ass drill bit sharpened, I would just replace it.
My saw blades start at like £70 so paying £12 to get it sharpened is good value, but a £30 blade is not really worth it, not least for which it won't cut anywhere near as much material before getting blunt between sharpens. Same logic for drill bills, some of my SDS ones are over £30 each, my augur bits can be over £50 each, so those are worth looking after, not going to bother for a set of 10 bits for £20.