I did a quick search and didn't come up with anything definitive, so I'll post this.
I read the magazine Grassroots Motorsports (great mag) and I was wondering if any of you guys had heard of the $200X Challenge (X signifying the current year i.e. the next Challenge is in 2005 so it will be the $2005 Challenge). You only have a budget of $200X to spend and build the fastest streetable car you can, while retaining a real body and safety equipment and everything (there is also a $200X Locost Challenge for completely scratch-built cars). All the cars compete in a drag race, an autocross, and a concours judging.
For more info go to
http://www.grassrootsmotorsports.com/
And here's some pics from the $2004 Challenge (all of these cars were built from $2004 or less, and this is just a few from about 80 cars)
![](http://evilallianceracing.com/ipw-web/gallery/albums/album31/137_3701.sized.jpg)
Rotary VW Beetle
![](http://evilallianceracing.com/ipw-web/gallery/albums/album12/DSCN0399_001.sized.jpg)
V8 Honda CRX
![](http://evilallianceracing.com/ipw-web/gallery/albums/album16/139_3941.sized.jpg)
V8 VW Microbus
![](http://evilallianceracing.com/ipw-web/gallery/albums/album20/139_3901.sized.jpg)
Turbo Alfa Romeo Spider
![](http://evilallianceracing.com/ipw-web/gallery/albums/album21/138_3865.sized.jpg)
V8 Corvair
![](http://evilallianceracing.com/ipw-web/gallery/albums/album32/139_3984.sized.jpg)
MG Midget with turbo Ford motor