This is my $400 '95 Miata. No Bull. I found it "yard shopping" and had a little bit of suspension/cosmetic damage and no seats, but mechanically perfect with 42,760 miles. It has 70,000 Miles on it now and the hardtop.

ULTIMATE BUDGET BUILD:
This car only cost $400 and I got a free rebuild-needed turbo for it, and since I have $600+/month in student loans, I figured an ultimate budget build for poor people like me was in order.Here is the completion and total cost to date:

Car- _______________________________$400
Hardtop-____________________________$150
Tie Rod-____________________________$ 40
Tire&Wheel-_________________________$ 80
Windshield-_________________________$270
17" Enkei DM5s with 205/45 ZRs,NEW-_$900
Eclipse GS Spoiler-________________$FREE$
Port&Polish Throttle Body-__________$ 20 (Cheap Dremel Kit)
"Ghetto-Ram" Short-Ram Intake-______$ 50 (Piping&Filter)
Mitsubishi TEO4H-13C-______________$FREE$
CDplayer,Amp,Subs,Cap,Components-__$FREE$(Used)
Factory Torsen LSD (YES!)-_________$FREE?$
Gloss Black Int. Paint-____________$FREE$(Work/Old)
Green Pearl/Kandy Engine Paint-_____$ 5

TOTAL:-------------------------------$1,915

LESS ACCIDENT PARTS:-------------------$390
JUST MODS:----------------------------$1,520

BUDGET BOOST!
I am also building the cheapest possible way to CORRECTLY boost this Miata. Prices in parenthesis are parts I haven't got yet.

TEO4H-13C turbocharger-------------$FREE$(from friend)
304L Stainless Tubular Header------$125 (Ebay,needed polishing)
1st Gen DSM Intercooler------------$25 (Ebay,excellent cond.)
(2nd, to weld to first)-$25
1/2" Fuel rail, custom fabbed------$20 MAX(homemade,Lowe's)
OBX 12:1 FMU-----------------------$90
Wastegate actuator----------------($10)
1st Gen DSM blow-off valve--------($25-40)
Turbo rebuild kit-----------------($65)

I could use a rising- rate regulator, to cut my costs down about $300, but a rising rate regulator puts extra fuel in under boost. Period. 3000 RPM, 10 Psi, less fuel needed than 6000 RPM, 10 Psi. Regulator just sees 10 psi, not extra rpms, so you either run rich bottom end or lean top. Apex'i is a pretty cheap tool really and will make ALL the difference in the world.(Well, am using the mechanical FMU just to get it boosted cheaper, but will probably add a Megasquirt standalone ($200-$300ish) later)

Performance Mods
It currently has only a ported&polished throttle body, homemade short ram intake, all performance synthetic fluids, and the factory Torsen LSD.

Not doing this one again!

Exterior
I have yet to finish fixing the dent on the passenger side, and repaint it. I have 17" Enkei DM5s, 205/40/17 ContiXtremeContact tires, 5% tint, and a '97 Eclipse GS spoiler with funcioning LED brakelight. I have a green accent scheme going on so various parts in the engine compartment are either polished, or polished, then coated with my own mixed Kandy (tinted clearcoat)made from House Of Color Planet Green pearl.

Interior
I have painted most plastic pieces gloss black, have subtle green lighting, and need to turn the two gaping holes where the airbags were into gauge housing areas and perhaps a screen for DVD/programming.

Electronics Right now I have a cheap Sony Head unit(my Eclipse unit pissed me off and I tore it out and slammed it into a few hundred pieces), Rockford 6 1/4" components with dual tweets in the door panels, a Coustic 1200W amp, one Pioneer 12"IMPP Gold sub, and a 1.0 Farad Lightning capacitor.

I have plans to use the space behind the seats for airspace and make a plate to hold both the subs even with the trunk openings back edge, and use the countersunk area in the center to hold my amp and cap on a mirror under plexiglass with vent fans. This will retain most of my trunk space, AND look really good.

Planned Mods
In the immediate future I have a TEO4H-13C turbo laying around that I am going to rebuild, port and polish, and install with an Apex'i SAFC-II running FC RX-7 injectors, a homebuild fuel rail (1/2), adjustable FPR, either a single DSM I/C or a custom built one from 2 DSM I/Cs, cheap BOV, custom Manual boost controller, probably a custom manifold, custom 2 1/2 or 2 3/4" solid exhaust with something to give me a deep throaty Subaru-like sound for mufflers...?

Long-Term plans I have a 13B from a '91 RX-7 that I want to use and boost for about 300-350 horsepower (all I'll ever need in that little car) Or I would REALLY LOVE to run a 20B N/A at that horsepower rating :D.

Exterior I like my wheels, may switch them, but I want to either build my own kit, or run with a Type RE front bumper, Skirts, and Wizdom rear, with S2000 taillight conversion, and possibly an SRT Neon spoiler. Considering wing or Lambo doors, shaved handles with Corvette-style door handles, and cut the hoods cowl at the rear, raise it up, and louver it, with possibly a pair of side ducts, and mold it out of fiberglass. Make all fiberglass removble panels custom, and maybe the doors too... Possibly widebody, but probably just flare the rear end, and that would help blend in the S2K taillights too.

That really about sums up my plans for this little dude, but after the TEO4H goes on, my Malibu 327TT has to be done first... ;)