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What are some things you can/should cheap out on?
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At minimum the cheap ones have lower QA tolerances on components. Sometimes they straight up swap in shittier components (eg: plastic instead of metal, etc).
Not saying you always need the most expensive option when choosing power tools, but looks same != same.
I agree. For power tools, especially where decent accuracy is key like it is with a jointer, definitely more of a "do your research, price is not equal to quality," not "you can do fine with any cheap one."