yes, there are cheaper that that. i've seen as low are for $24 dollars a month. but the best value i've found has got to be with out a doubt at Webune.com

Webune.com leased me 1u datacenter dedicated server for $99 dollars for one year. now i have a 100mb dedicated connection and its fast. i have had the server for 8 months now and i haven't had any problems with it. I am very happy

here is their link: http://www.webune.com