$40? that’s pretty cheap. I did look into this a few years ago and got a Philips Voice Tracer DVT1400 with wav support. That’s the best option for that price that I know as it came with a mic input, free lav and decent sound. The sound will be about ENG level and you will need to use auto noise removal in post as the preamps are a little noisy, but its high enough quality if you know what ENG quality is. Anything more expensive will have better preamps and more inputs for mics. But in the sound world, you get what you pay for (except Sony stuff, they charge 2x, lol)