A budget sump pump is probably not a good idea. Any reputable draining company will install a sump pump that costs $800+, and there's a reason for that. It's an appliance that doesn't get much use....until you need it.
I would focus more on reliability than horsepower. Ground water, once it's been drained, even during a major rainfall will only build up so fast, and the capacity of any sump pump is going to be well beyond what is needed for that. Unless a river suddenly flows into your basement, there's no reason to require a high capacity one.
The cheaper sump pumps are okay for situations where your temporarily moving a pump into an area and you don't need to have it plugged in constantly and on standby. For permanent installation in your sump you need one that doesn't carry a risk of burning itself out.
Our basement flooded last month...we spent $20k on drainage and plumbing upgrades....I did some research and had some first hand experience.
You could always test the existing pump by pouring water into the sump and seeing if it works.
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