Buy something pre-owned, that cost much more than your budget – you’ll get the best value for the money there.
As for pros & cons – just the usual lesser spotted/produced and greater residual if you stick to Rolex and certain PPs.
If residual value isn’t that much of a concern (biggest hit mostly taken by opting for pre-owned), then there’s a plethora of choice in designs and complications.
I personally wouldn’t put much money into JLC and certainly not IWC, irrespective of complication or metal composition.