I have two similar drill presses. One is a Sears which I use all the time and the other is a Delta which I will use as a dedicated hinge cup drilling unit. The worst problem with these drills is the IDIOT who designed the quill depth stop using plastic. A totally worthless piece of junk (the polite term), in my opinion. Seldom do I use my 16" floor mounted drill. Paid about $40 for each, so yours is in line price wise.
Well, my .02 worth is yes it is worth $30 if you need one and you can't afford a better one, and it does drill halfway decent, but if you not in a hurry, wait for a better one.