Kevin Siebold, the founder of Krappy Guitars, acknowledges the unspoken truth behind the electric guitar. It doesn't really matter what you make them made out of, it they all sound more or less the same. Too much time and money is spent on fancy materials and finishes for solid body electrics. Leo Fender realised this when he made his first electric guitars out of planks of whatever wood was to hand.

The specifications of a typical Krappy Guitar (according to their website):  Wood:  leftover 2x4 from a construction site. Strings:  used about 3 years ago on an old guitar. Pickups:  some buncha crap we snagged from some guy. Electronics:  whatever we can scrounge up!

The Krappy range includes 2 string Punk Rods ($75), Traveller guitars ($200), 8 to 12 string Touchstyle guitars ($700 to $800) and exotic custom guitars. They are cheap but they realy aren't that crappy.

Source: Krappyguitars.com