Its basically insurance. Its 500 (or whatever) bucks you ideally don't ever want to use, but if you need to it will be the cheapest 500 you ever spent.
The other thing is - you may not need it for you, but you might come across someone else who needs help.
I got mine second hand from Southland locator beacons for about 300 I think- mainly because I am just getting into hunting and have spent an obscene amount of money getting kitted out. It does everything the newer ones do, its just a bit bigger and clunkier. Keeps the missus happy though. When it expires I'll get one of the super tiny ones. (Oh, and I use mine for offshore ocean ski paddling as well - added bonus.)
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