I spent £120 on a new rod last year, but the rod was RRP'd at £180, I just negotiated. I would only have spent £120 anyway on a Preston C Class rod, but Andy Nellist was raving about how good the Preston Excel was, so that's what I bought.
However, I also have a float rod of Daiwa's that cost £25 off ebay and that is a damned good rod. I set it up as a second rod, but it works fine. There's no shame if you own one of those, I just thought that at my age, the last rod I ever give up will be a float rod and bought the Preston Excel to last me until I drop.
I also spent £150 on a Harrison, but again, worth it if only for the barbel I've had on it. Most others cost much less than £100, sometimes bargains with an RRP of more than a hundred, but I'm careful and only spend what I need to spend. Quality tackle needn't cost that much.