How cheap are you talking about? Like under $100?
I think the Canon i550 printer would be a good buy that costs ~$100 (after MIR and coupon). I believe it uses the 4 ink tank setup (B,Y,C,M) which is cost effective and plus the generic ink tanks are really cheap.
If you want something lower in price, look at the Epson C62 or 880 (you can find them on eBay). Those two printers photographic quality is really good but the ink cartridges cost a bit more.
I had a Epson C60 but I got rid of it because it wouldn't read the generic IC chips on the cheap generic ink cartridges. I'm now using a Canon i320 (I got it for only $20 at OD). It works great. I only use it for documents and the occasional color stuff. You can't beat the price.