$700 is a pretty nice budget to work with. What kind of music do you play? That might lead you to certain options or companies. I'd say just about every company makes some nice electrics in that range. I'm personally partial to Yamaha, Washburn, fender, Schecter, and Switch. I only play 1 guitar that retailed for more than 700 new (my Yamaha RGX-TT). The rest were less. I'd say hunt for used as well. Except for my Yamaha all of my guitars are used, and I've lucked out with some great finds like an '88 American Strat for $175. Also keep in mind that the pick ups seen to be the worst part of less expensive guitars. You could buy in the $300-400 range and upgrade your pickups later.

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