You really should use BGP for this. It would be pretty simple, just setup eBGP with weight command to dictate preferred ISP. Also, ensure both ISP's advertise default route to you (make sure you filter so as to not make your AS a transient one). You will also need to be sure that neither ISP is originating your networks, you want that to happen on your network.
The issue with object tracking and static routes is that obviously if you are not advertising your internal networks to each ISP, then they must be originating them. So, if the primary link goes down, depending on physical media, it is possible that the primary ISP would continue to advertise your routes, creating a black hole scenario.
Here are the configs that I would suggest. Then just ask your ISP's to advertise the default route over these BGP connections...
ip prefix-list defaultnet seq 5 permit 0.0.0.0/0
ip prefix-list deny_default seq 5 deny 0.0.0.0/0
ip prefix-list deny_default seq 10 permit 0.0.0.0/0 le 32
route-map Prepend deny 5
match ip prefix-list defaultnet
route-map Prepend permit 10
set as-path prepend xxxx xxxx xxxx xxxx xxxx xxxx xxxx
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