If you haven't got one, a cheap one is better than not having one. I have a cheap chinese one and it is damn useful, and one day I will buy a better one.
It's exactly the same as mine - if I was close enough to go and collect I'd grab it at anything under £20 so that I wouldn't have to walk from the workshop to the woodshop to use it (the buildings are attached but no communicating door to keep wood-dust away from where I might be painting). If mine was broken I'd go to more than that coz it's a decent drill - OK not amazing but it does the job a hell of a lot better than a hand drill and workmate.