Hi John and welcome to the forum. Since you didn't fill out your profile we don't know what you want to do with that router. That one is designed to be used a few times a year for a few minutes then stored away again and it likely only comes in 1/4" collet. This is a case where I think the saying "you get what you pay for " is very true. If you plan on becoming a more serious hobbyist but want to spend conservatively on your router then Sears might be your best bet. They have a few models that get pretty good reviews but they also have some that get lousy reviews so check them out first. You might be able to find some good reviews on them here on the forum by using the Community Search.
Is it possible to modify for a 1/2" collet? Yes it can be done but with a Big But if it's real good deal and it's your 1st router than do it,, it will cost you as much as a new router combo router kit... you can buy almost all router bits in the 1/4" shank size and do most of the jobs you will want to do..in the home shop..
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