Some sewing machines have an overlock stitch which is similar.
Personally, there is no way in hell I would buy one of those cheap knock-off machines.
If you want my opinion (feel free to ignore me

) I would buy an older second hand model from a reputable brand. Singer, bernina, elna are some decent ones.
I have a shiiiiiite Brother machine and while it was cheap, and does the job, I'd have rather spent my money on a simple reliable machine.
So there's my two cents worth