I just picked up this $120 multimeter, as my cheapy. It looks like an Extech EX 530 Mock up but it seems to have some good features, wide cap range, true RMS and stuff. I bought it over the counter and asked for a discount so they reduced it to $100

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The data can be found on the web site below where I bought it.
http://www.altronics.com.au/index.asp?area=item&id=Q1088#Yes I submerged it in a bucket of water.
Yes I dismantled it, no water inside

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yes it looks to be a tough meter and reasonably well made.
No I didn't run over it with my car, but I will if you want to buy me another one

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I have tear down pics if you wanna see em, and if I can work out how to put them on this here forum.
For my not so cheapy I'm considering a UNI-T 4-3/4 TRUE RMS MULTIMETER UT71D, Or an Extech EX 530.
the UNI-T I can buy locally for around $150, The Extech is considerably more expensive at $190 from the US.
regards to all
Wal