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A 7 mag may be a better option for elk at 600-700 yards, but at 400 yards on whitetail it isn't necessary. Although it will work. The 7 mag's recoil is actually not bad at all, virtually the same as 30-06 and only slightly more than 270.
But cartridges like 7-08, 308, and the hot selling 6.5 Creedmoor will have significantly less recoil (1/2 to 2/3) than 7 mag. Either of them are still adequate for elk out to at least 400 yards and deer even farther. If you're good enough. That would be true of even a 7 mag.
While any of the above work, as would a dozen other options, I'd pick 6.5 Creed or 308 simply because very good factory ammo is available at good prices. And while I've been a 308 fan for years, I'd pick the 6.5 over 308 today.
With a $700 budget, I'd buy a Tikka.
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"If you're still doing things the same way you were doing them 10 years ago, you're doing it wrong"
Winston Churchill
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