At that price range I'd definitely look for a good used machine. This time of the year THers usually have the "hots" for some new machine and that usually means bargain prices for their used units. Right now there are no doubt 100s of guys drooling over a new machine and many will crack and sell their great machines for way under true market value. I could afford most anything I wanted but I usually bought used because having come from poverty I still respect the value of money. And too, lots of good charities need help today so I figure why be stupid with precious funds? I rarely buy a new car or new anything for that matter.
Metal detectors (like most everything) are WAY overpriced. They have to be because the market is so small and advertizing so expensive.
Anyway, besides buying used I'd recommend buying a machine with some type of warranty protection. While technically this isn't usually possible, Tesoro machines come about as close to it as one can get. I personally have purchased used machines and had them repaired FREE by the very generous and friendly folks at Tesoro. You won't match this anywhere else. And trust me, when most major brands die they're not worth fixing. The cost of repair for some models can be many 100s of dollars. I heard of one fellow who sent in his detector and got a bill of over $400 as I recall. Technician work is NOT cheap! Even a low end machine can easily cost $200 (considering all costs) for even a minor fix. And also it is a well known fact that sometimes the "fixed detector" is not really "fixed." Years ago I bought a major brand that I won't name. After warrenty it died. I sent it in, paid a fat bill, and it was junk when I received it. I got tired of the hassle and almost gave it away.
If you buy Tesoro I'd recommend the Tejon because it's their deepest and best machine (no gimmicks). If Tesoro isn't your thing, then I'd recommend buying a new low-range machine (any major brand). Some of those cheap "dime store" Chinese units sold on ebay are also acceptable but check around first and make sure you buy protected via Paypal. Actually, China now makes almost everything in most major brand detectors. Nuff said.