New? No.
I bought a ProCo
Stagemaster (entry-level) 8x4 snake new for $250 about a year ago- and had 3 channels turn out to be intermittent on arrival, new, out of the box.
Snakes are very labor-intensive, with respect to the parts cost: it takes a lot of handwork and soldering, but the connectors, box, and wire are pretty much a fixed cost from the cheapest to the best. The cheapo snakes use cheapo insulation-displacement XLR connectors, and the Switchcraft variants of these absolutely *suck* (any line can short to the shell, and therefore chassis ground, unless care is used: bad news for your signal). The Neutrik ones appear to suck as well, but perhaps a little less- at least they don't appear to short pins to the shell randomly, or quirte as much.
Anyway, the first thing I had to do with my "bargain" snake was pull all the XLRs off the fan, and replace them with properly soldered real XLRs, as opposed to the cheapo insulation-displacement *crap*. That cost me the cost of the connectors and my time to do the work: it was a net lose, compared to buying a good snake up front, and I had to do the work in the room at a live recording date. Not Good.
There ain't no such thing as a free lunch, and when you save money here, you'll end up losing reliability *there*: usually, in the long run. Caveat emptor: buy good shit once, or buy cheap shit twice. It's your call!