There is quite a few good choices in that price range. The seat I have in the True Fit which is in that price range. The perks of that seat include a tall shell allowing for longer rearfacing time, a removeable headrest for when they are little (although since your LO is 7.5 months, he can likely be relatively upright) and it is a quite cushy seat. One downside of that seat is that the weight limit for rearfacing is 35 lbs whereas there are other options on the market now that allow rearfacing to 40 lbs. Also the harness tends to be difficult to adjust while rearfacing because it's jammed into the seat (I don't find I need to adjust the harness too frequently and have heard this issue with other seats as well).
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Other options that are popular and in that price range is the Safety First Complete Air. Upsides: a narrower seat, 40 lbs rearfacing wieght limit, tall shell. Downsides: not as padded as some other seats (many find this not to be a problem) and a local mom to me has one and mentioned that getting her lo into the seat is a tad tricky due to the side wings and whatnot.
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There is also the Graco MyRide65. Upsides: 40 rearfacing limit, very cushy seat, good price (Target has them on sale periodically for $120). Downsides: wide seat, shortish shell.
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And then Evenflo Triumph Advance used to also get mentioned. Evenflo recently replaced the Triumph with the Momentum 65. I've seen good things said about the seat online. It has a 40 lbs rearfacing limit. I'm unsure how the shell height compares to other seats. (Shell height comes into play because while high weight limits are great, the shell of the seat also limits time rearfacing and forward facing in the seat.)
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If you live near a Babies R Us, they typically carry the Complete Air, MyRide and Evenflo in their stores. I've heard BRU will allow you to take their display seat out to your vehicle to give installing it a try (they send an employee out with you to make sure you don't take off with the seat). Some people prefer seeing a seat in person before purchasing. The True Fit unforunately isn't carried in too many stores. I did see it in person at a Target before I purchased (online - I wanted a particular cover) but I don't think Target carries them in stores anymore. Sometimes you can find better prices online than in person although if you decide to purchase at BRU check their website first - I know currently they have a coupon for a % off carseats.