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You don't have to be a millionaire to spend £30 on a game that will potentially give 100 hours usage.
Find something else that will give you that value for money.
when i thought i'd have to replace mine i was watching a few on ebay. Its possible to pick up a 20gb premuim for about £70. If you don't need the hard drive, asda were doing the arcade for £100. Even the elites go for as low as £100 on ebay.
Put it this way. if you chip it, and it breaks, ms won't repair it and will probably ban it from live if you try and sent it in.
so just be prepared to keep buying a new one if it does break - ie get the cheapest available. since you are all about the cheapness.
and i hope it does break.