Picked up this 1980s Timex Diver the other day for $2 and compared it to my current favorite cheapo watch - the Casio Duro Marlin. What a difference

I suspect the Timex was more expensive in comparable dollars when new. The Casio street price is about $40.
The 38mm Timex features a chrome-plated base-metal case and a crude 0-jewel manual movement (same as all cheap watches back then). Dial is printed but does have lumed markers. Low-quality acrylic crystal. Rotating base-metal bezel with no indexing and lots of play. Non-waterproof snap-on back and non-waterproof crown-stem. Lightweight, cheap overall feel.
The 44mm Casio has a heavy stainless steel case with polished and brushed surfaces and a bulletproof Casio 2784 quartz movement. Dial has a sunburst effect and applied & lumed markers. Mineral crystal. Uni-directional 120-click stainless steel bezel with no play (better than Seiko) and a lumed ball at 12:00. Screw-on case back and screw-down crown. 660-feet water resistance. Same highly finished fit and feel of watches costing several hundred $$, if not more.
There are many other similar examples and even some with decent jeweled automatic movements for under $100. Despite the sentiment that watches are no longer needed these days, we are living in a golden-age of quality watches right now thanks mainly to the Chinese. 5-10 years ago I would never have considered a 'cheap watch'. Different ball game in 2018.