Absolutley can be done on the cheap, it depends on what you are starting with, the most important thing to remember if you are doing the work yourself, is to stay with in your capabilities. I see far to many people pick basket cases of cars, with zero knowledge of even the basics of a restoration. That's where they get into trouble, get frustrated, then the project gets abandon. I've made the mistake too, picked a car that was over my head at the time, didn't have the right tools, experience, or money to complete the project, lesson learned.
My gf's car is a good example of a car done on the cheap side of things, I believe I spent less than $3000 bringing the car back up to a driver. Granted, I have many hours into it, but, hours were something I had laying around, so it didn't cost me anything there, lol.
This is what I (we, er, whatever, lol) started with, hadn't run in 15 years, sat under a pine tree all of that time. Had a little rot here and there but nothing detrimental.
I didn't go "all out" on this car, but I stripped it down pretty far, lol.
All said and well never "done", but back to a reliable driver. It had a few mechanical issues, nothing major though, for the most part everything I needed was obtainable from other vehicles at my local u pull it (some amc, some not).
Though it's not an eagle, the jeep was brought back to life on a tight budget as well, call it less than $1500, but I had many of the needed things laying around (paint, driveline, body part ect). So not to take up any more space and make my long post longer, there's the link.
http://forums.amceaglenest.com/index.php?topic=36052.0At any rate Post pics! We like pictures, lol.