As a professional automotive technician, I'd like to add 2 things to this conversation.
#1 I have 2 DVOM's (one in my tool box and one in my personal car). I also work more with labscopes (and I have one of these also) than DVOM's these days as the communication speeds at which voltage travels in todays automotive circuits are unreal. That being said however, DVOM's at their fastest setting will typically only refresh data at 250ms (1/4 of a second), and you have to spend a good amount of money on one to achieve that (Fluke, Ideal, etc.). The first example in this thread had a 2.5 second refresh rate. For some DC circuits only, your el-cheapo's are fine. As was already brought up however, I wouldn't be caught "dead" using one of them on VAC circuits.
#2 Meters are only good if the batteries work. Change them out 2X per year! I replace mine at daylight savings time in the Spring and in the Fall. This will ensure your meter works (whatever kind it is), and it will ensure that you don't get battery acid buildup that ruins your meters.
Dustin