I'd consider anything upto £350 cheap, £350 - £800 midrange, £800 - £1500 expensive, £1500+ custom-made territory (wouldn't entertain an off the shelf guitar for £1500 plus, might as well go bespoke for that kind of money).
Rundown of my guitar stash...
* Epi Explorer was £250 (used), was pre-pimped with gold Grovers and has since been been pimped by me with EMGs plus some other bits of hardware to get it looking the way I want, oh, and a setup. Probably got £375 in this one. It plays great, has a fast neck for metal and does everything I wanted it too.
* Epi Les Paul jr was £330 (used), and has been upgraded with CTS pots, a NOS Sprague tone cap and a BKP91 with AIV magnet. Probably got around £400 in that guitar and would consider it one of my cheapies despite it playing as well as anyof my guitars. It also gets played the most, it's my 'go to' guitar.
* MIM Fender '72 Tele Custom (new), upgraded with Fender USA steel bridge + brass saddles, Fender CS bridge pickup, original 70s Fender wide-range neck pickup, NOS Sprague tone caps. Sounds and plays like I always wanted a Tele to, a right beast of a guitar - at the snarlier end of the Tele spectrum (more of a 50s Tele tone) with more mids rather than the thinner Tele twang of the 60s Teles. Paid £550 but with upgrades I've got around £725 in it. I'd consider this one of my mid-priced guitars.
* Gibson Les Paul standard (used), various hardware upgrades/replacements over the years including D/W BKP Mules, got around £900 in this one and would consider it a fairly expensive purchase.
Have paid £1200 for a used Taylor 710 (around £1600 new) in the past and that was just a stupid purchase, I'd consider that now to be silly money for what it was. The £500 Martin D-15 that replaced it was a far better guitar for my purposes and got used extensively. I'd consider it a much better value guitar than the Taylor.
Anyway, there's my two penneth.