Im surprised nobody has made a mention of the materials being used. When you introduce a DMM to a circuit, you are not getting the TRUE reading of the circuit. While, granted, it will be close, it will be different. Ideally, a Voltmeter has infinite resistance and an Anmeter zero resistance. I would be willing to guess that a higher quality meter will have higher quality (and more expensive) components, and thus, a $200 fluke will likely be more accurate than a $10 craftsman. With that being said, most of the time, if your readings are off by, lets say, 2% due to this, it wont make a ****-bit of difference. Your wall socket will still be ABOUT 120 (110,115, whatever) etc etc.
The cheaper meter will do just fine for you with general stuff around the house and car. What you get with $higher meters is extra features, as everybody else has listed). You just need to be careful with what you are working on.
As I said, most important is to know what you are measuring and working on! If I were you, I would take some time to learn about circuits. Im not talking about ohms law kinda stuff. Thats fine and all, but capacitors and AC current are two things you are likely to encounter. The first in Automotive stuff, and later in the home. If you want some neat stuff to look up, look up "Electromotive Force" and "Internal resistance" and how it all fits together with batteries. Its kinda neat, particularly if you are looking to do anything automotive related. There is TONS of stuff to learn about circuits, I know a little tiny bit of it to get me by,mostly DC stuff, but some of the guys on here can definitely school you on this stuff all day.