I looked into getting something older and cheaper, but, in the end it comes down to my ability(s) to keep something like that in very reliable shape. You really need a mechanic's background to do that with any kind of serious hunting.
That's why I like to buy new or not much used. Off roading puts alot of wear and tear on a vehicle, much fasting than road driving.
If I had your Cherokee, I'd try lifting it only a couple of inches and good off road tires. That will improve your angles of attack, departure and breakover angles. The better/tougher tires will hold up better against rock damage.
With that, I'd see if that was enough to basically do most of what you want to do off road. Let's face it, even when spending alot of money on a on a good to start with rig, there is always something it won't handle. E
