We have learned from experience that it is not worth being cheap on a crummy, no-name power supply. Maybe you'll get lucky and it will work fine, but you run the added risk of it overextending itself and giving up the ghost. Sometimes it will even take components with it.
That said, being cheap on a reliable, brand-name PSU is perfectly fine. In fact, it should be considered the preferred route. The market is flooded with different PSU models, and there is never a time when several good ones aren't on sale. That being the case, it seems silly to pay full price (unless you really can't find one to suit your build).
As of this moment, Newegg has a handful of models available at a discount as part of its shiny Gold Tag sale. Here they are:
- Corsair RM550X 80 Plus Gold—$60, down from $110 (after $20 mail-in-rebate and EMCRJBJ27 promo code)
- Corsair XC650M 80 Plus Bronze—$40, down from $90 (after $30 mail-in-rebate and EMCRJBJ28 promo code)
- Rosewill Photon 650W 80 Plus Gold—$55, down from $120 (after $15 mail-in-rebate)
- Rosewill Quark 850W 80 Plus Platinum—$88, down from $180 (after $15 mail-in-rebate)
The Rosewill Photon is semi-modular, while the other three are all fully modular models, which makes cable management easier. All of these also come with free shipping.
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