I've been using the same HF bench top drill press since the early '80s. Haven't done anything to it except clean off the rust every now and then. Done work on a couple classes of race cars, quite a few street cars, dirt & street motorcycles, household projects, outdoor projects, etc. etc. etc.
Like a Timex, it's still ticking. Hasn't had a problem with breaking bits or actually anything else. It's a multi-speed, but I rarely change it. Still has the original belt on it.
There have been times when it was a bit small for the job, but with a little ingenuity it's worked.