to save drill bit, first, drill a pilot hole using a smaller drill bit, then go up the a bigger size. might take awhile, but you wont be spending 6-8 buck per drill bit.
or use wat my buddy does for restorations and he uses dewalt pilot point bits, they maybe $4 each and have basically a 1/8 inch long pilot tip on them and they stay sharp very long. i drilled out an entire roof on a 63.5 galaxie and it was still sharp as new. http://www.dewalt.com/us/products/accessory_category_detail.asp?categoryID=4114
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