Dead reckoning will likely have you going in circles very quickly. In short, learn to navigate properly first. Don't just read about it, do the courses and pass the tests. Then invest in the right safety equipment - radio, spare radio, flares, EPIRB/PLB, immersion suit etc. and then see how much you have left over to decide which boat you can now afford.
Actually, proper dead reckoning is a very important navigation skill and very worth learning. When GPS fails (out of power or somesuch), it's too cloudy to use the stars, knowing how to use dead reckoning can be your saviour.