3. '87-'95 2.5L YJ Wrangler
Expect to pay $1,800
There just isn't a better deal in open-top Jeeps. All day long, these can be found with something exploded or not working properly and selling just because the owner doesn't want to fix it. The other popular one is the higher-mileage Jeep that has just stayed around too long, and to justify the new vehicle, the Jeep has to go. Grab the Jeep, visit a junkyard for the part that's gone bad (if necessary), and run it.
Don't buy it if it's missing parts. If the engine has been removed, for example, there is likely a ton of wiring missing, which is hard to come by on the cheap. If the trans and transfer case were removed, it's not worth it, unless you've taken one apart in the last week and can identify all the small parts. Don't buy someone's project. Buy their runner that broke down.
While it's true that the '91 and newer multi-port injected four-cylinders are more peppy, they are all slow on the highway and there is no way around that. Once you add bigger tires, they will get mileage just as bad as a six-cylinder Jeep, but with less power. However, for a low buy-in cost, these things can't be beat.
2. '87-'94 4.0L XJ Cherokee
Expect to pay $800-$2,000
Much like its MJ cousin, the XJ in its 4.0L form is a blast to have around, and they are getting old enough that no one wants one for a daily driver or grocery getter except for mechanically inclined Jeepers.
Snag one with the AW-4 automatic transmission or the AX-15 manual and have fun. If you can't find them, run the Peugeot trans until it explodes and then swap it.
You'll find that all of the XJs at the lower end of the price range are higher-mileage rigs. That means that the engine oil pan seal, valve cover seal, and rear main will need to be changed. But again, if it starts and shifts, there is nothing insurmountable to really worry about. The 4.0L engine and the AW-4 automatic transmission go forever with proper care.
Inspect the doors and suspension points for being solid without any cracks or evidence of repair. If it passes that test, grab it and get into a JeepSpeed race just as soon as you can.
1. Any FSJ Wagoneer or Cherokee
Expect to pay $500-$1,000
Produced from '62-'91, there are just too many variations in them to mention here. Find one with a bigger engine that starts, stops, and steers and go from there.
As far as interchangeability, look for something with disc brakes and open knuckles on the front axle. These are usually limited to AMC and later-era FSJs but are often found swapped into earlier ones too. The AMC V-8 was the engine of choice for almost 20 years and can be found in most of them.
A lot of Wagoneers also had the TF727 automatic transmission and Quadra-Trac transfer case. If maintained properly, this case is good and can offer reliable performance. If it doesn't already have it, put an add-on low range on.
Being leaf sprung, lifts are cheap and easy. And if you are really cheap, spring the $15 for a pack of new saw blades and cut away for tire clearance.
The biggest problem with the smog-era ones is getting them to pass. There are so many vacuum pumps and evaporative-recirculation kebobs that it truly dizzies the mind. So buy a later one that won't pass (if your state has smog laws) for $250, fix it, and still be on the road for well under $1,000.