2002 Castello do Luzzano, Merloblu, Vino da Tavola (£6.49, Richards Walford, 01780 460451)

The list of Italy's great Merlots is shorter than Toulouse Lautrec's trousers, especially Merlots costing less than £6.50. But this is a remarkable bottle at the price.

2003 Picpoul du Pinet, Domaine Félines Jourdain, Coteaux du Languedoc (£6.95, Lay & Wheeler, 0845 330 1855)

Picpoul is the Languedoc's most underrated white grape and this is a great example of the variety, with nutty richness and concentration, apple and ripe pear fruit and a touch of spice.

2002 Pago de los Capellanes, Bodegas Rodera-Villa, Joven (£9.95, Berry Brothers, 0870 900 4300)

This is a Ribera del Duero red that should leave you with a few euros to spare. It's a youthful blend of mainly Tempranillo with a little Cabernet and Merlot. It's a fragrant, sophisticated red with a hint of oak and ripe fruit.

2002 Wehlener Sonnenuhr Riesling Spätlese, Heribert Kerpen (£9.99, Tanners, 01743 234500)

Germany's great whites are still hugely underpriced, thanks to their (mis)association with Liebfraumilch. This peach and apple-scented white is crisp, pure and clean, with enough sweetness to balance the acidity.

2001 Ata Rangi Pinot Noir, Martinborough (£25.95, Liberty Wines, 020 7720 5350)

This won't be cheap by the time it ends up on a restaurant wine list, but you'd be better off buying a bottle of New Zealand's finest Pinot Noir than a mediocre, over-priced Burgundy. Gutsy, powerful, packed with fruit.

My best buy

2001 Chteau Puyanché, Côtes de Castillon
(£6.35, Haynes, Hanson & Clark, 020 7259 0102)

When inexpensive claret is as good as this Right Bank example, you wonder why Bordeaux has such trouble selling its wines. This is fleshy and finely crafted with refined, grainy tannins and notes of green pepper and black cherry.