Found this Ridgid 3/8" VSR corded drill for $32.06 at Home Depot.
Regularly it is priced between $60-$90. Very good reviews.
Model number: Ridgid R7001
magnetic bit holder
lock on button
Ridgid's lifetime warranty
At the Elizabeth, NJ store (#6905), they had about 15 left on the clearance table.
home depot website has a similar drill on their website. The one on the website has a clip on top of the drill. This drill has the magnetic bit holder.