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When I was young and could not afford air tools I used a Craftsman corded 1/2in impact gun. Worked fine for years -- still does. There were a few fasteners it couldn't handle -- but in general it was fine.
In fact, I used it to remove/disassemble the 944 engine and it handled all fasteners I used it on - including the crank bolt. YMMV.
The problem with the really cheap impacts (or cheap general cordless tools in general), is typically a shorter battery life, so take that into consideration.