Series 2 described nicely in one book I have as the 'impecunious Moggie'
Mind you even in 1958 sold at about £750 new when a luxury car like a Humber Super Snipe made about £1,000, so not all that cheap really
Relationship would be about same today between say a Merc E class and a 4/4 sport perhaps, you could never say they were cheap, all Morgans are equal but some are cheaper than others.
Chris