Bill's thread about his guitars got me thinking about doing a posting about one of my favourite guitars, but not hijacking his thread (although I did put my Hooker on there purely because the subject of impressive woodwork came up).
First of all apologies for the poor image quality. The story behind the guitar is that getting on for 10 years ago I saw a Harrier L/H Tele on ebay for £39! I thought well at this price it must be worth a punt, even just for parts. When it arrived undamaged I was impressed by the green sparkle finish, the fact that it was strung through the body and of a good weight. The bad things were poor strings, poor tuners, the bridge wasn't great and the frets were rough with fret sprout. The first thing was to put some new strings on and play it. Well the pick ups were weedy, but that's how Leo Fender would have intended all those years ago. So I thought rather than use the guitar for parts I'd try to improve it. I spent about £40 on Trev Wilkinson tuners and a new Trev Wilkinson bridge with compensated brass saddles. As it was so cheap I addressed the fret problems myself and then set it up.
Result - while the neck might be a bit chunky for some people, I love playing this guitar and there's no way it's going to be used for parts. I might think about pick up improvements one day, but as I'm only playing at home there's really no need.
My other favourite cheap guitar is a Harley benton travel guitar: