I was playing around with the oven today to cook something at 160C/320F. I set the oven to 300F and placed a thermocouple in the middle of the oven and came back 25 mins later. The temperature on the digital thermometer oscillated between 368-372F.

By moving the oven dial a fraction of a millimeter I could get the temperature to drop 40F. While I know my small, cheap, crappy 20+ year old oven is bad, I didn't know it was this off (previous testings showed it to be +/- 25F off).