I have an OLD M8000 and I like it just fine.
It's not fast, but it's reliable.
Just this past week I ran across an 8000 lb winch by Rugged Ridge that was only $299.
Ordinarily I might shrug it off as just another cheap winch but my experience with Rugged ridge products has been pretty good. And it has a three year warranty.
It might be worth checking out.
I would be more likely to avoid the Chinese stuff they sell at places like Harbor Freight.
Although its' affordable and sometimes you can get lucky and get a good product, it's a crap shoot.
If I were personally looking for a winch at a bargain price, I'd give it a try.
Worst case scenario you'd have to return it.