There is an absolutely amazing deal at Virgin Mobile during this Cyber Monday, with stock appearing in strong supply (so you can probably take your time to mull it over). For $49.99, you can get a brand new HTC ONE V, while not the latest Android phone, is substantially better than anything in this price range.
The One V isn’t the latest hardware but for $50 it’s definite a steal. Comes with a 3.7-inch Super LCD2 display with 800 x 480 resolution, dual-core 1 Ghz processor, 512MB RAM, 4GB onboard storage, microSD support, 5MP rear camera, Beats Audio enhancement (whatever that means), and Android 4.0.
Maybe you don’t need a new phone, but this can be your dirt cheap iPod Touch ish Android device :D