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I'm trying to get wise on that topic also. Home Depot has a "special buy" on the 750# torque model with charger and 3 batteries at $279 delivered. It's on their website. Unless I read otherwise, that's probably the one I'll jump on.
There is a newer Fuel that has 1200 lbs of Torque. I would suggest getting as much as possible, that way the drill will be under less stress when cutting through thick ice and therefore should last longer. That said I have the 750 one and it seems to do a very good job with my 6" bit. Not the biggest tools guy so I don't know all the sites to look at here but we have an acmetools here and right now they have a free extra battery with certain M18 packs.
if you are not going to be drilling concrete you don't need the hammer drill.
I have 2604-22 I think 750in# more than enough. Had it 3 years came with 2 4ah batteries use a 6"lazer and have drilled 30-40 holes in 22" ice and had NO problems!!
I saw a video comparison of the gen 2 vs the gen 1 and for battery life doing our kind of drilling ice the gen 1 was better, longer battery life, the gen 2 did drill more holes in concrete with a small dia bit. The gen 2 is a little bit smaller than the gen 1. In this case I still think the gen 1 is better. You can check out the gen 1 vs gen 2 on youtube if you want. but like I said if you are not going to be drilling concrete you don't need the hammer drill.
So, snooping around at either a Dewalt 20v max 996 or a milwaukee fuel m18. Question is, there are many different models of the m18 so which have most guys been going with? I once read to use one with 1,200 ft/lbs but there are about 3 different models that i am seeing. thanks. After finding this out will decide whether to go with dewalt or milwaukee.
Amazon has the MILWAUKEE 2704-22 M18 FUEL for $239. They also have 5 amp batteries for $72.
I just posted this yesterday if your looking for a good deal.http://www.iceshanty.com/ice_fishing/index.php?topic=333796.0