My not yet done up bike, it's not my cheapest but still around £50. It is my roughest and the one I grab to whiz up the shops.
Don't you find though you can't resist doing up your hacks to the point you'd be gutted if they were nicked and they up up as decent bikes.
I guess it's different for commuters who have to publicly lock them up. Then again I'd hate commuting on a nasty hack.