Well $200 wont get you anywhere with a 1/8th nitro buggy. If your on a budget you will have to go with an RTR, the only low cost 1/8th buggy is the Ofna hyper 7 TQ sport kit (
http://www2.towerhobbies.com/cgi-bin...&I=LXJLE8&P=ML ). I would suggest if you want to spend the least amount possible and still get a decent quality machine get one of these
http://www2.towerhobbies.com/cgi-bin...?&I=LXGUS1&P=7 or if you want to get something a bit nicer I'd go with this
http://www2.towerhobbies.com/cgi-bin...&I=LXJDB5&P=ML , or this
http://www2.towerhobbies.com/cgi-bin...?&I=LXKBE6&P=7 .
All of those are good buggies the Jammin is the best, the Ravager is not quite as good, and the Ultra comp is your basic model. Also I would suggest going down to your local hobby shop and seeing what they stock parts for, what they carry, what is popular in your area, what most people race in you area if your interested in racing at all, and while your there you should be able to check out one of these models first hand.