If you don't mind cooking with wood and charcoal, and your a handy DIY'r with basic tools you could build an ugly drum smoker like this for around $300 like I did. Used a kit from UDSparts.com abd a few extras like a hinge for the lid.
You can customize it as much as you want. I set up 2 main grate heights, but with 2 extra grates with bolts for legs I was able to use 4 grates about 3" apart to do a batch of jerky. I did spring about $60 extra to get the upright air intake tubes so that I could adjust the airflow going into the coals (therefore adjusting the temperature) without having to bend over.
BigPoppaSmokers.com also has a cool kit that i was tempted by. Everything in the kits are bolt on, so no welding needed. Hardest part was finding a used food grade barrel and then giving it a good burb and scrubbing out the remnant of the food grade epoxy lining. I did use a little food grade high temperature red RTV sealant in a few places to seal things up. The RTV sealant can be found pretty cheap on Amazon.
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