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That was my conclusion as well, but ended up with a new latest model one as prices didn't differ enough to warrant getting something old. Buying through my company helped with that though, as I can deduct VAT on new stuff but not 2nd hand.
To me the choice between cellular or no cellular is more important
kboy
Literally any Apple Watch will be fine for fitness stuff. Apple has been very good at maintaining backwards compatibility and there are very few interesting new features in the newer ones.
I was using a ten year old first gen until a year ago and only stopped because it suddenly died.