That might be stretching it on the 'low cost' side of things. I didn't see any built-in GPS or bluetooth, which means you may not be able to connect to an external GPS. I have quite a few of these 'cheap' Android tablets, and most get to that cost by using lower cost wireless components, which usually means no GPS or Bluetooth.
If this model did have Bluetooth, you could always get an external bluetooth GPS and use that, however the screen resolution is very 2009, so you might be disappointed by the quality. Of course, it's a cheap tablet, so there are tradeoffs
Also, it only has 512MB of memory...not a big problem for running basic applications, but I have found that it can cause quite a lot of screen (actually map tile) refresh issues...lots of chunky scrolling when you are driving and the tablet has to update the screen.
It does have Google Play, which would allow you to get some solid mapping software.
Looking in your price range, I would keep an eye out for a refurbished or lightly used Nexus 7 (first generation). I've seen those for as little as $90 on extreme sale (usually $120 or so) and they have built-in GPS (works well) and have a nice screen and processor. It's a little more expensive than the $60 for this tablet, but you have everything built into the unit and don't have to buy anything else.