Whether bench-top or floor model, drill presses are exceptional tools in any workshop providing a variety of uses that can make any project a whole lot simpler and easier. These power tools consist of a movable drill head often mounted on a column shaft and entirely secured onto an immovable object like a workbench.
Obviously, the best drill presses are priced reasonably higher, hence not affordable for people who are working on a tight budget. However, not all tools carrying a heavy price tag are remarkable, and so it implies that you can still find a drill press at an affordable price delivering remarkable results. Well, if you are looking for that best product under $500, then we have a comprehensive list for you. Take a look!
Check out Best Drill Presses Under $500
1. Shop Fox 3/4 HP Bench-Top W1668 Oscillating Drill Press
The Shop Fox 3/4 HP Bench-Top W1668 Oscillating Drill Press is arguably one of the most affordable power tools offering the highest level of versatility. Besides working as a drill press that drills through metal and wood, this machine doubles up an oscillating sander used for efficient contour sanding. With more than 12 speeds, this machine becomes an effective drill press for heavier use. This bench-top tool offers the versatility to tilt the table 90 degrees to both the right and left besides adjusting the table height to accommodate the work-piece height or achieve the right sanding and/or special drilling angles.
- Motor -3/4 HP, 1725 RPM, 110V
- Spindle travel -3-1/4 inches
- Overall height -38 inches
- Item weight -63 pounds
2. SHOP FOX W1670 Floor Radial Drill Press
The SHOP FOX W1670 Floor Radial has proven to be one of the best budget-friendly drill presses under 500. That is not enough though; it is one of the most popular models out there when it comes to woodworking and metalworking equipment. This highly durable and reliable product is extremely versatile so that you drill any angle if necessary between the tilt of the table and tilt of the head. It can also be used as a horizontal drill tool. Besides used for a wide variety of drilling, it can be used for sanding operations. It features an incredible swing that allows users to bore to the workpiece’s center that is 34-inch wide. This item has five easy-to-adjust speeds ranging from 550 to 3470 RPM. This drill press comes installed with a depth stop, which allows users to drill many holes consistently at a preset depth.
- Motor -1/2 HP, 110V, 5A
- Overall height -Floor model at 64-1/2 inches
- Spindle travel -3-1/4 inches
- Number of Speeds -5
- Drill chuck -5/8 inches
3. Dremel Rotary Tool Workstation Stand Drill Press with Wrench
Can you imagine you can find an incredible drill press not under 500 but less than 100 dollars? Yes, that is none other than the Dremel Rotary Tool Workstation Stand Drill Press with Wrench. This product is a drill press, flex shaft holder, and tool holder all in one! Unlike other machines of the same class, this one drill accurate angled and perpendicular holes. Its flex shaft tool stand allows for telescopic adjustments to any heights between 16 and 29 inches. Compatible with all the Dremel Rotary Tool models, this machine’s attached crow’s nest provides onboard storage for wrenches, drill bits, or any other Dremel accessories that may be required to complete a project.
- Warranty –one year
- Power source –corded electric
- Style –workstation
- Material type –steel
- Item weight -4.85 pounds
4. Shop Fox W1667 Bench-Top Oscillating Drill Press
The W1667 Bench-Top Oscillating Drill Press by Shop Fox is another highly affordable and compact machine that can be used as either an oscillating sander or drill press. It is capable of achieving a wide variety of sanding and drilling operations. This item features a removable lockout key paddle switch that provides a greater degree of safety. It also comes fitted with a depth stop allowing users to drill holes at a preset depth. While its 7 by 7 square inches tilting table allows users to sand surfaces at different angles, the table inserts deliver extra support for any workpiece.
- Overall height -23 inches
- Spindle travel -1-5/8 inches
- Drill chuck -1/64 inches – ½ inches
- Dust port size -2 inches
- Swing -8-1/2 inches
5. General International 75-010 M1 Drill Press
The General International 75-010 M1 is a highly reliable, durable, and affordable bench-top drill press perfect for any workshop. This item is fitted with an easy-to-adjust dual depth stop providing complete control of both upstroke travel and down stroke depth. Its simple, mechanical hand lever delivers variable speed from 500 to 3,000 RPM. With a built-in laser pointer and high-quality bearings for vibration-free & smooth operation, this machine takes away guesswork so you can achieve an accurate drilling experience.
- Color –green
- Motor power -1/3 HP
- Power ratings -372W/120V
- Warranty –two-year limited
- Item weight -75 pounds
6. Craftsman 12-Inch Laser Drill Press
Do you want to take your drilling projects a notch higher? If so, then you just need to consider acquiring one of the most affordable yet highly reliable drill presses –the Craftsman 12-Inch Laser Drill Press. This under 500-dollar power tool has been designed to cut holes in metals, wood, and plastics, making it one of the most versatile items out there in the market. It achieves smooth turnings at extremely high speeds thanks to its high torque spindle settings, ensuring users get more work done with higher precision on every piece of job. Excellent as a bench top, this remarkable machine is designed for sharp, consistent results. With a motor spinning between 355 and 3065 RPM, this drill press delivers sufficient power to rip through metal and wood with the desired speed and accuracy. This solid addition to any workbench is not only adaptable and adjustable but also built to last.
- Construction material –aluminum
- Motor specs -1/2 HP, 355-3065 RPM
- Spindle travel -2.44 inches
7. RIKON 30-140 Bench-Top Radial Drill Press
Offering the versatility of five spindle speeds, the RIKON 30-140 Bench-Top Radial Drill Press is best suited for DIY and a wide range of professional applications. This highly affordable machine features a unique telescopic design that gives users more options. Its head tilts 90-degrees to the left and 45-degrees to the right –a feature that comes in handy when you are angle drilling. This head also moves back & forth so users can achieve different board widths, making it easier to drill multiple holes along a centerline. This machine’s 360-degree rotating table is sturdy enough to handle different-sized materials with great ease. Designed to be easy-to-use, this drill press features large feed handles for effortless, smooth operation.
- Spindle speeds -5, 620-3100 RPM
- Motor HP -0.33HP
- Voltage -120V
- Item weight -108 pounds
- Warranty -5-year limited
8. WEN 4225 8.6-Amp Variable Speed 15-Inch Floor Standing Drill Press
If you do not mind giving up some control and performance out of a drill press, then the WEN 4225 8.6-Amp Variable Speed 15-Inch Floor Standing Drill Press is a great budget alternative that would not dig a hole in your pocket. This product meets the needs of both professional and home users. This brand features four-inches of stroke capacity; hence, it can cut through materials of up to four inches thick. With a large spindle travel, this machine can drill holes through a four by four board. With a simple turn of a lever, this power tool’s speed can be varied between 280 to 1000 RPM or vary the speed from 1000 to 3300 RPM using a quick belt adjustment. While the laser pointer ensures accurate holes are drilled, this tool’s 12 by 12 inches cast iron table pivots up to 45-degrees in both directions.
- Item weight -170 pounds
- Warranty –two-year limited
- Height -63 inches
- Chuck capacity -5/8 inches
While all the drill presses mentioned herein are highly affordable, it should be noted that you would usually get what you have paid for. Because of that, you will realize that most of these cheap tools are great to some extent if you are using them for smaller projects. However, you can still find a few of these devices that can handle a heavier workload, so it depends on your choice. Before making that final decision to buying an affordable drill press, it is important to consider things the depth of adjustment gauge, speed of the machine, versatile functionality, size & build, ease of use, and convenience. With all these at hand and with our accurate selection, there is no doubt that you find one of the best drill presses for your needs from our list.