I own one watch. I've traded loads. Owning one good, functional watch seems a little more sensible than having a collection of less comparable, "affordable" watches.
For a few hundred, i.e. 200-300 dollars it will likely have more functions and better water resistance than one for $70. At least if you buy the right one and not just buy one that looks nice. $700 is a little more than "a few hundred". There are some great automatic watches out there that you can find for about $200-250.
It's your money, you do what you want with it. Quality is obvious though. A good watch is a good watch and relatively tiny investment that lasts you a lifetime. And you only need one.
You wont have to pay to get the crappy one repaired. (Water resistant to 200M my ass.
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Don't be pound wise and penny foolish. If you're smart enough, you get what you pay for.
I should also add; I think it's important to get one that has a scratch resistance face. Some of the expensive ones have that really tough, none reflective glass. Any little scratches are very hard to see at a glance.