Death of my HRM

It finally happened.  After a few years of use, the battery on my heart rate monitor (HRM) chest strap has died.  Sad, but fix-able.

That said, I've had a great run of about 2-3 years with this product.  No complaints here.  I have a Timex HRM, a very basic model, with a chest-strap and wrist watch.  No calorie burn, predominantly heart rate and time.  It has fit the bill for me and I've had zero complaints.  I bought it at a Time Zone outlet store and spent maybe $40 (maybe).

I've been toying with purchasing a new HRM because I'm VERY curious about calories burned during a spin class.  I had really wanted it for my six hour Spin Odyssey ride, but alas ran out of time and never made the purchase.  I did a bunch of research and learned some interesting things.  Most notable is the fact that it seems that Polar monitors require you to send the strap back for a new battery (or at least purchase it from them).  I don't like that.  If I have a problem, I want to be able to fix it myself, not rely on a third party.

Do you have a Polar monitor and if so, is this true?

So the other limiting factor is that I'm cheap.  Simply put.  I don't want to drop $100 on a new HRM when my current one is just fine.  Do you have a brand/model you'd recommend?