So many choices these days I spose. If you can find cheaper mics that sound good, all power to you
and it seems there are some good options available, though hard to test without buying them....
I have a few mics to pick from:
SM57 - good all rounder, you can use it for pretty much anything with decent results
SM58 - these are still my fav live vocal mic and can be used to mic cabs, you can also take off the pop filter and pretty much turn it into a 57.
EV RE320 - great mic, not "quite" as good as the much more expensive and arguably the best dynamic mic ever EV RE20 (~$1000 AUD). The RE320 costs around $300 AUD and has a switchable kick drum curve, which works very well.
EV N/D767a (supercardiod), ostensibly a great vocal mic, but works brilliantly just hung over the front of a cab. I've used it to mic up a Fender Rumble 30w bass amp (so totally off axis, just loop the cable through the top handle and hang it over the speaker). I was blown away with just how good it sounded.
Rode NT5 - I have a pair of these (similar to the famous Neuman KM84s, but a little better IMO). Works great for stereo mikeing cabs. I run them a bit off axis, very accurate and articulate condensers, often used as a stereo pair for mikeing classical performances.
Rode NT1 - I use this for final vocal takes but also good as a mid distance mic for cabs to get room air, and great for acoustic guitar etc... These sound better than Neuman U87s IMO (which I find a bit middy/muddy in comparison)
The only criticism I have of the Rode mics is they are a "little" bit metallic/brittle, so I feed them through my Ivory 5001 tube (hybrid) preamp which fixes this up perfectly.
Some other choices I like if you can find/afford them:
Beyer M88 - Not cheap but a fantastic vocal mic, they have a 80Hz boost for male vox. Great kick mic (much better than an AKG D12 IMO and the later "egg" version they came up with never grabbed me..) and sound awesome on cabs for a big full capture. The original D12 was also for male vox BTW.
Sennheiser MD421 (MD441 is the weather proof version) - you can use these for anything, nearly as good as an EV RE20, great for kick, toms, cabs, vox... Down side is the clip mechanism, have had to gaph a few clips on in my time
, If you want big toms, these are much better than 57s and also a reasonable kick mic. Fantastic for cabs, very hard to bottom out the diaphragms, they were designed for high SPL applications, although just at home on vox...