My 1987 Jeep Cherokee XJ
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I bought my first Cherokee in June of 2004 for $1300.
It is a 1987 Jeep Cherokee Laredo 4.0, 4door, 4spd, 4x4, it had 158,268 miles on the odometer.  The guy at the lot had it marked for $2100, but after I noticed the leaky rear main seal, bad water pump, broken tie rod coupler, and rust holes under the rear seat, he didn't make too much against my offer.  After tax, tag, and title, I drove away for only $1536. 
     I had the rear main seal replaced, replaced the tie rods and water pump and put it on the road...  Since then I've put much more into it, and it still runs like a champ today (July 2009).