Is a $7 LCR Meter / Component Tester from Ebay any good?
Dave tests the M328 (LCR-T4) model component tester.

These little beauties are amazing value for $15 to $20, and I can no longer imagine not having one on my desk (I just now discovered you can buy this M328 kit version on eBay for only $3.65, which I find to be mind-blowing).

My understanding is that the original tester was created by Markus Frejek, and that this work — which I believe is open source — was subsequently refined by Karl-Heinz Kübbeler. In fact, Karl — who is my new hero — has published this 132-page document describing his work in detail.

On Page 6 of Karl’s opus we read: “Operates with ATmega8, ATmega168 or ATmega328 microcontrollers. Additionally, ATmega644, ATmega1284, ATmega1280 or ATmega2560 microcontrollers can be used.” This is cool beans indeed! The Arduino Uno is based on the ATmega328P, so we’re all set on the microcontroller front.

http://www.avrtester.tode.cz/upload/ttester_en.pdf

On the one hand, you could say “What’s the point?” This is a fair question. Why work yourself into the ground to do something that’s already been done and that you can buy in kit form for only $3.65? My answer would be that building one’s own Arduino shield — along with the associated sketch (program) — would have tremendous educational value.

DIY M12864 Graphics Version Transistor Tester Kit LCR ESR PWM
http://www.banggood.com/DIY-M12864-Graphics-Version-Transistor-Tester-Kit-LCR-ESR-PWM-p-986954.html?p=27131452996820140438

Additional Feature:

1. The square wave signal generator, optional built-in within the range of 1HZ-2MHZ stall square wave signal;
2.PWM pulse signal generator for 1-99% of the pulse width modulated signal;
3. The frequency meter function, can test 1HZ-25KHZ or higher frequency signal (in this case a slight decrease in accuracy)

Also in-circuit capacitance ESR measurements.

Manual can be found at
https://www.copy.com/s/t%3AwBdnTSsdB3DBEmT6%3Bp%3A%252F12864tester.pdf%3Boid%3A34

One more problem is, it is not showing the inductance reading. if I connect an inductor it simply displays the resistance value of the inductance. what could be wrong.

Thanks a lot once again.

Raveesh