The cheapest Xbox 360 that'll work is a refurbished Xbox 360 Core off of eBay. You could probably get it for the amount you already have, if you're lucky. Then again, refurb Core is RROD waiting to happen, so I don't suggest that route, not unless you MUST have a 360 RIGHT NOW.
Premiums, even refurbished ones, go for around $200 minimum, so no matter what you're going to have to keep saving (the $200 one was from a local BestBuy, they were trying to offload used Prems and were selling at $209.99). Most premiums, though, are around $350, I think, and I REALLY don't suggest refurbished. If you want to get a NEW 360 then you have a ways to go saving up, I'm afraid, because I doubt you can get new for any less than $300.
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