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Although a bit above the budget, I bought a Squall 2-12 in the spring and used it 25-30 times without any issues whatsoever. Caught a bunch of bluefish wit it. Smooth drag, smooth casting and great cast control. One downside, made in China.
 

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Your reel intentions are extremely important!

Some very basic questions - targeting what fish, beach or boat, what rod, what kinda line and how much required, bait or lure or both?

It's hard to beat a SWEDEN Abu 6500 C3 or 6501 C3 (left hand), both typically found for $120+shipping. The level wind can be temporarily removed for distance casting if need be. Centrifugal friction brake blocks only, no mag(s). However, a better Value is an an Omoto Chief 6000 CTM for $137+shipping - blocks and mags, the whole brake package.

Ancient Mariner revolvers may have frame/spool failures ...
 

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As above, and a big consideration is whether you're looking to grab a new reel and go, or are open to looking at used equipment either on-line or in used arenas, where you might get a value on a good piece of equipment- your $150 might stretch further. I recently got a Squall DCS and have been happy so far, tho it's a few bucks north of 150. I have a slew of Abu's and love all of them, but you have to be a little more careful about maintenance on them, and IMO they maybe aren't as powerful as a Squall, 525Mag, 525GS, Daiwa SLSH20/30, SHV or SHA. It really depends on what your majority application is, as Bob said: distance might be a Mag Elite whereas piling bouncing for sheephead or cobia might be a Squall 20 levelwind. Finding a use 970 or 980 can be done under 150 bucks and they are TANKS, just minimal spare parts around these days. So can a 535, and they really can sling well in the right hands with good line capacity and drag capability.
 

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Thor mentioned the 525mag and the Slosh30 . Both are excellent for casting in the surf And are built like tanks. Make sure you get the 525mag built in the USA if you can find one.
 

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Ditto- I've fished my Mag since about 2003, and tho I'm a shark on maintenance of Senators, Jiggy's, spinners, etc., I don't think I've been in either the 525Mag or any of my dozen GS's, some of which I got in the 90's. This is not an endorsement of not servicing; I wash and wipe everything down thoroughly after each trip. I'm saying the ONLY thing I've done on any of them, up through 555's, is replacing one eccentric lever in over 25 years of using them.

I did put a Torque handle on the mag last week; nice upgrade and brings it close to the handle on the Squall. It'll get used the next two weeks. The SLOSH 30 I have spent some months under BIP, until my cousin reeled it up looking like a reef. I spent some time with a cold beer cleaning barnacles off and soaking in white vinegar, and after some polishing, replaced two bearings and put in carbontex, total 15 bucks, and it sails. Also very impressive.
 
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