As far as drilbit life is concerned:
Back in the early 90's, I used to work at a Honda dealer. One of my main duties was to install rear spoilers on Civics, Accords, and Preludes.
I bought a "Uni-Bit" for that task. Not only did it drill holes in countless Honda decklids, I still use the bit today.
Take car of it, keep it lubed during use, and don't make your drill run at full speed and you'll get a (very) long life out of it.
Granted, I paid $25 for the bit twenty years ago, so if you buy a cheap one, then all bets are off.