Why do some people insist on putting these two questions together? On the Internet, you often see these questions paired together; "What's the best, low price guitar amplifier?" "What's the best electric guitar (then, later, in the same posting) in the $300 range?" "What's the best $300 mic preamp?"
Let's talk about each of these questions separately, and I'll try to put them together and answer them at the end of this rant.
So, what is the best __________?
OK, make the blank part of that last sentence any noun you want; guitar, bass, drum set, amplifier, effect, mic, preamp, strings, music, drug, booze, soft drink, aspirin, car, boat, singer, airline, girlfriend, hair color, TV show, band, job, book, religion, and so on - you get the idea. When you look at some of the other items I've added to the list, the answer should a little clearer. It's what works best for you. There is no other answer possible.
You can't assign the word "best" to anything, unless everybody agrees on what "best" means, and that's not easy. "Best" can mean most popular, most beautiful, most useful, most convienient, and the list goes on.
"Best" is a personal term. It's your opinion, based on your desires, your experience, and your needs. So the old question of which is best, a Strat or a Les Paul, is meaningless and has no answer, except your personal opinion, based on your desires, your experience, and your needs.
Often price has nothing to do with what's the best. One of the most distingushed microphones in the world - the Neumann U47 tube condensor mic - can't hold a candle to a Shure SM-57 dynamic mic when it comes to capturing the sound of a snare. Even if the group has a million dollar recording budget, chances are they'll use a Shure 57 on the snare. For 95% of the snares ever recorded, the SM-57 was the "best".
But then, that would means that "best" doesn't have anything to do with price, or workmanship. It's best because it works so well for that application.
But you can't use popular to define "best" either. There have been more 4-track cassette recorders sold than all the 24 track tape machines and all the digital recorders put together. I don't think anyone would say that a 4-track cassette recorder would rank in anyone's "best" list, so best can't be attached to stuff just because it's expensive, well made, or popular.
So where am I going with this whole thing? Look at the last line of the paragraph about the Shure SM-57 microphone. There's your answer. The best ______ is whatever works really well for your particular needs. But that still doesn't answer the "what's the best, cheap ______" question.
Cheap is also a relative term. What you may consider expensive, others may consider cheap, and vice versa. When I was living high on the hog in L.A. back in the 60's, I had a steak dinner that cost me around $100 for 2 people. That was the "best" steak dinner I ever had, and that may be expensive or cheap to you, depending on your income. Since then, I've had more expensive dinners, and a lot of cheaper dinners too, but that was still the "best".
So the "best, cheap ____" is whatever you find that does the job perfectly for you, at the lowest price you can find for that particular piece. Anything else is a false saving - you really won't be happy with it.
If you want a Strat because your hero plays one, that ain't a good enough reason. If you tried a '59 Strat, and it fit your hand like a second skin, then that's what you need - go looking for the least expensive '59 Strat you can find and buy it.
But if you fall in love with a $150 '89 Hondo Les Paul copy, and it feels perfect to you, get it!! That's what's best for you and the hell with what anybody else thinks.
All I can do is point out some often overlooked bargains, but it won't help with your choice if I recommend an RNP, and you really need a GT Vipre or Millenia Media SST-1.