It is extremely liberating driving around in a 'cheap heap'. I had a £500 E34 525i estate for that reason and the opposite happened. Everyone gave it a wide berth!! If I parked it in a corner, there were no cars surrounding it when I came back out. I think the psychology there is, the cheaper the car, the less the owner gives a sh*t.
That car was also a stark reminder of how cheaply made German cars are these days, BMWs especially.