My parents bought me a $19.95 guitar from Treasure Island (discount arm of JCPenney) that played like a truck back in my mid-teen years when I was teaching myself to play. Next summer I got myself a job so could invest $40 in an f-hole acoustic that had a slightly warped neck.

But the BEST buy I ever got on a guitar was at a yardsale around twenty-five years ago. It was a brand new Chinese-made "Mark II" acoustic and came with a case that wasn't padded. The kid had paid $200 for it and then got it home and realized he'd have to learn to play it because it didn't automatically confer that skill upon purchase. It's got really nice action and a sweet tone, and a neck that's perfect for my small female hand. He sold it to me for $50.