The Seiko SNK809 (38mm dia.) and SKX007 (40mm dia.) use the same movement (7S26A; auto-wind only, no hacking); difference is case style. If your first automatic doesn't have to be a diver, the SNK809 is less expensive and slightly smaller.
A better value than either of those Seikos (in terms of movement) is the Invicta 8926 (40mm dia.), (Seiko NH-35A movement; auto-wind, hand-wind, hacking). Less expensive than the Seiko SKX007. I own the Seiko SNK809 and an Invicta 8926 (Omega-style bezel) and like them both. Both keep consistent time; lack of hacking on the SNK809 is a mild annoyance, but I knew that when I bought the watch.
I'm looking to buy my first automatic, wanted the opinions of the community on what is thought to be the best budget option.
cole_b333
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Added a few Invicta's. Now let me say that some watch snobs will say they are c***. And yes: the heinous looking fashion ones are really just a crime against watches. However, there are a bunch (see my added options) that offer real value for money, no matter what people say. I have a bunch and given the value you won't shed a tear when you damage one.