I've been researching this extensively. First the reason the Wagner is $400 is that it's pinless and in order to get accurate readings, you need very sophisticated electronics. Most inexpensive pinless meters give readings that are all over the charts, and generally not even consistent when making repeated readings on the same spot on the same board. They are completely flummoxed by surface moisture as well.
Lignomat makes pinless capacitive meters for around $240 that are respectable performers. The very low end ones like the General Tools MMD7NP are really only suitable for detecting leaks around the house. Basically, if there's moisture present, they'll tell you, but aren't up to snuff for woodworkers.
Pin type meters like the Lignomat Greg mentioned are the way to go if money is an issue.
Moisture Meter Experts is a good source for information.
Lignomat makes pinless capacitive meters for around $240 that are respectable performers. The very low end ones like the General Tools MMD7NP are really only suitable for detecting leaks around the house. Basically, if there's moisture present, they'll tell you, but aren't up to snuff for woodworkers.
Pin type meters like the Lignomat Greg mentioned are the way to go if money is an issue.
Moisture Meter Experts is a good source for information.