The Aliens Prequel film got me thinking - with all the big-budget 'Blockbuster' films around (Day After Tomorrow, 2012, Smurfs in Space etc) where the directors seem to think more is, well, more - what properly low budget films captivated you because the story and plot sold it to you, rather than the big budget effects? Blair Witch? Shallow Grave (getting higher budget there I guess).
For me it was 'Cube'.
small town folk, ello mush,, chris r wright, and a total of 3k
Primer has to be one of the best for the lowest budget. Great film.
The Music of Chance
The Attack of the Killer Tomatoes.
Pink Flamingos.
Eraserhead.
Bad Taste. "I'm a Derek, Dereks don't run."
Daleks: Invasion Earth 2150 AD
http://www.youtube.com/watch?v=ULHCwzIgEs8
At a young age I was affected by the sight of the dalek emerging form the Thames...
clerks
that is all
Blair Witch genuinely scared the crap out of me! Mission accomplished there then.
For achieving the most on a small budget recently, got to be Attack the Block. Brilliant!
Colin was pretty good for a cheapo film
I quite like the recent movie Monsters. Okay not super low budget but very low against other movies.
How about A Grand Day Out - Wallice and Gromet. Mostly done by Nick Park on his own in his spare time.
And lastly, not low by any stretch but when set against it's peers it does seem pretty good bang for your buck. I'll stick District 9 in the mix
+1s for The Cube and Clerks.
primer, absolutely.
and, off the top of my head
the visitor
the station agent
mad max (in those halcyon pre nazi days)
buried (must have been low budget!)
swingers
reservoir dogs
bad boy bubby
There are hundreds, but recently...
Moon impressed.
Avatar
What $$ would you class as a budget film though?
I remember The Evil Dead being spouted about as a great example of a budget film, but think that cost in the region of $375k?
got to agree with Primer
+1 clerks
made for $27,575
Primer
nil by mouth
Dead Man's Shoes.
Dog Soldiers.
There are hundreds, but recently...Moon impressed.
$5 million budget.
Great film though.
Another vote for Bad Taste. An absolute classic.
ohhhhh dog soldiers... there's a guilty pleasure! best bit is hammering the werewolf's fingers through the letter box, or the gaffa tape... or the 'special' effects... ahhh it is just great fun!
Napolean Dynamite?
Chopper
There's an early George Lucas film that meets this criteria - American Graffiti. Brilliant brilliant film and has a host of actors all in their infancy/first movie appearances including Harrison Ford, Richard Dreyfus and Ron Howard.
Got to +1 Dog Soldiers and District 9
For me it has to be Dead Mans Shoes FTW though.
Co-incidentally, the Hurst Farm Club where one scene was shot was on fire yesterday
Repo Man
I'd go with Clerks. Clerks 2 is surprisingly good as well, also very low budget relatively speaking.
Chopper
Primer
Ghost Dog
Another Earth
Dead Man's Shoes
Monsters, not sure how big the budget was but it looked fairly low 
Paranormal Activity
Mad Max
Monsters was relatively low budget but it was more the fact that the film was edited and laden with special effects in the directors bedroom with a Mac. A work of passion.
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