re: What's your favorite cheap guitar ?

I guess it's a tie, between my yellow Telly and my Les Paul Jr. Stewmac kit guitar. I've posted photos on here of both of them in the past.
The Telly is a 90s Squier Standard that I bought at a pawn shop a few years ago w case for 100 bucks.
I sold the case for 100 bucks, put a new pickguard and fixed the wiring on the guitar. I really never even played it before a guy wanted to buy it.
He never paid me though, and the guitar found it's way back to me. Still in perfect shape.
So, I started playing it a bit. It's a great guitar in every way and I only had 12 dollars in it.
Last year, I decided to put a set of Fretshack's custom wound P90 telly pickups in it.
It's absolutely fantastic now and I have a little more than 312 bucks in it.

The Les Paul Jr. I built from a Stewmac Kit that was on closeout for $150.00. It turned out really well, so last year I replaced the P90 with a splittable mini-humbucker from GFS and put a push/pull tone pot on for the split.
It's awesome, and I have less than $250.00 in it.

I have more expensive guitars, but these are the 2 that I play the most.