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At that price range, I would just rent. No point in buying a cheap suit really. Waste of money imo.
Save up a little more or borrow from parents and pay them back later to invest in a decent suit that you can keep for years. That's what I did long time ago, and I've had that suit make me shine for many special occasions (university graduation, weddings, job interviews etc...), not to mention I was one of the rare student to wear a suit that was actually well-fitted to my body at prom.
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