If your State has no fender laws, how about a T bucket. They are probably the least expensive way to get into Hot Rodding. I see ones on Ebay all the time that have no engine or trans, but pretty complete every other way, selling for very little money.

You could adapt that Pontiac engine/drivetrain, toss some inexpensive steel wheels with whitewalls, and flat paint, and have a cool '50 style rod for very little money. Then as you get more cash you can add stuff to make it nicer. They are perfect for the entry level rodder.

But, if you go this route, make sure the frame and suspension are either a store bought set-up, or fabricated well. I see some T buckets on ebay that are someones misguided attempt to build a car. Badly put together frames, unworkable suspension geometry, etc. There are some really bad rods out there for sale.

The one thing in your favor if you go this route is that t buckets have been around for so many years that there are tons of unfinished or non running ones sitting in garages all over the place. Plus, some rodders figure out that they are not the most comfortable car going, so they move on to a bigger rod, and are willing to dispose of the bucket cheap. We bought one a few years ago for $ 1500.00, and it came with lots of brand new Total Performance parts still in the boxes. Fuel tank, windshield, hydraulic brake setup, corvair steering, etc. We sold the body, frame and front and rear suspension for almost what we paid, and had a good $ 2000.00 in parts for the one I am starting to save parts for.

Buck for buck, no other rod can be built so inexpensively, or quickly. Plus, they are a real kick to drive.

Just my 2 cents.