Ibmikey
If protection of my butt is my reason for buying a pistol I certainly wouldn't be looking in the cheap section of my local dealers offerings. Proven reliability, size and ease of my being able to shoot and hit the target would be major concerns not a cheap price.
For those not interested in defense and who shoot only a few rounds each year, almost any cheap priced pistol would fill the need. My firearms consume thousands of rounds each yeartherefore I am a lot more demanding than what most cheap weapons will offer.
Valid point, but not the end-all. There are 2 versions of "cheap"; cheaply made, and inexpensive. There's nothing wrong with a lot of inexpensive firearms, they just don't command the price the premium gun brands do.
Proven reliability- surplus Eastern Bloc guns have this, basically by definition. Anything chambered in 9 Makarov will go bang, over and over again, and they're generally quite accurate. As for size regarding these, most are large and solidly built enough that shooting them accurately and easily is simple, while the P64 is smaller, small enough to be a mouse gun.
A way to look for "inexpensive" new guns, is to first identify the expensive ones. Popular, known names will command a higher price- Sig, Beretta, HK, CZ etc. Look at these for design and function, as they often will have the main designs; firearms tend to copycat features.
Secondly, identify the "cheap - I don't want garbage" brands; a a sure tipoff is an American-made gun that isn't prominent. Jimenez, Cobra, Jennings, guns like that, totally cross them off your list. Hi-Point is a rare example of "functional junk", most owners say they are reliable, but are ashamed of them; they're the epitome of a "cheap gun".
Some guns are inexpensive because they haven't gained a foothold in the US, but are well-made and have proven reliable elsewhere.
Zastava makes fine pistols over in Serbia, whether it's the modern Tokarevs (a proven single-stack design) or the EZ series, which aren't as nicely finished as Sigs, but are functionally probably just as good. I have a CZ99, it didn't cost me much, it has a chrome-lined barrel, feeds anything, has good sights and quickly puts bullets on target. It's biggest drawback is the finish on the frame is fragile, so it isn't very pretty; and since it doesn't have a big foothold here in the states, parts might be an issue down the road. It is still being produced, though, and it's such a robust gun that I don't think it will soon break down. Were it not for the geopolitics surrounding Serbia, I think Zastava would be considered a premium brand here.
Turkey is another country to look at. They're making firearms for military usage, intended for NATO forces. They've only recently started marketing into the civilian US market, and the prices are low, but these guns ARE proven designs, by and large; just not here.