New, Vortex Razor is probably the best value and can be found used for very reasonable pricing. fluoride type coatings make a big improvement on seeing those small holes. JMO

The 100mm Unertl is not reasonably priced, but thanks for letting him know you have one, same goes for your buddies Kowa.

I've purchased several really good quality spotting scopes used, and never paid over $100 yet. I have a Kowa 20x that cost me $10 at a gun show, and is a wonderful scope, but not good for spotting .22 holes in the black.
I have another Kowa 60x that came from our local gun show and cost me $95 with it's original hard case. It's older, but the optics are as good as anything newer, and it easily lets me see .22 holes in any area of the targets.
Tough to say a newer brand that will be as good as a high quality used scope, as like anything prices are much cheaper if one keeps an eye out for used instead of new.

My Celestron Regal M2 65ED Spotting Scope is more than adequate for my needs. The only time I have had trouble spotting small holes at 200 yds is when the mirage is running high.  I snagged it off of eBay for a good price.  The is an issue with the rubberized coating on the body that was very tacky.  It took effort scraping and soaking in lighter fluid to remove it.

I have been using a Bushnell Legend HD, 20-60 x 80mm for a long time.  If you can find a decent used one ( they are discontinued ) it should do the trick.  If there isn't a bunch of mirage it'll see 22 holes at 200m.   

I've compared it to a couple of decent Kowa scopes and there didn't seem to be much difference.  Light mirage was maybe a little easier to pick up with the Kowas, but the difference was quite subtle.

Chris.

Believe it or not but I've got an older Simmons 25x50 scope that is as clear as my Kowa. I can see 22 holes at 200 yds on most days. I think I paid about $50 for it years ago You can find them on ebay sometimes. The model is a 1209. None of the other models from Simmons are near as good.

I have a 100 mm Unertl team too. It spots .22’s very well at 200 with its 24 mm eye piece. My outfit has the 15x & 24x missing the 32x It won’t spot .22’s at 200 under all conditions. Neither will other club members large objective Kowas .

At distance you are looking through air that’s like a bowl of soup. Sometimes it’s thick sometimes thin. Further complicated by sunlight variance bright to cloudy, direction too, illuminated from front side or back. Difficult conditions no scope will resolve .22 holes at 200 good condition many will, even low cost scopes. 

My opinion low cost options are used Kowas, the smaller objective models lot cheaper used than big ones. Like the older fixed power Leopold too, have had several, 20x60 mm Probably best resolver, but use a little 25x50 more due easy to pack. Leopold has the advantage lifetime guarantee. Used it twice a nice advantage. Vintage B&L 20x another quality bargain used.

New my opinion Kowa way to go. Largest objective lens aways best.  Buying used look for condition, Unertl or B&L goes bad expensive to repair, older Japanese brands parts can be difficult 

Boats