It won't show quite as many faint deep-sky objects but is still a quite capable instrument. There are some alternatives. Use the binoculars a little while longer and steal a lot of scope looks at star parties. That, unfortunately, is a big if. At the low end of the price spectrum, there have to be compromises and some of them are not especially obvious to the prospective purchaser.
Telescopes are precision instruments, and very price competitive.
You will get what you pay for and going below a certain point gets you junk. When planning your budget, you have to count on a few extras. A telescope as delivered will work, but be difficult to use without a few necessary accessories. For instance, you almost certainly have to have some sort of star chart. This is a map of the heavens, and maneuvering around the sky without one is tedious at best.