It depends what size you are and what carries you would like to do really. That length sounds like an awful lot of fabric to me, but if you want to do a FWCC or double hammock and are a size 18 plus you will need longer than a standard 4.6m wrap. I am a size 14/16 and need 4.6m to do a fwcc.
However i find long peices of fabric a bit of a faff so i'm now looking for a size 4 (3.6m) to do basic Kangaroo carries and quick back carries. I've never heard of a cheap wrap on etsy and i'm a regular poster on the babywearer and natural mamas which suggests to me that it might not be very good...that said ellaroos aren't spoken very highly of once your LO is bigger either. I would recommend looking for a preloved one on either of these forums or the yahoo group UK babywearing swap. The brands and names can be quite confusing so you could post an 'ISO' (in search of) post for a woven wrap within a certain budget. Brands i would reccommend are hoppediz/hopp, girasol and amazonas and you can sometimes get a good deal on these. You do get what you pay for in my experience but that's not to say a more expensive wrap is better than your budget hopp