In 2008 I decided to perform an experiment that essentially addresses your question.
My family and friends constantly bugged me to find them flashlights that were as bright as my EDC but affordable (my least expensive EDC was $60 at that time) to them, which meant under $20.
What I found was a Romisen RC-N3 CREE Q5 LED Flashlight (Cree XR-E if i remember correctly), which I purchased several and scattered them about the house and wherever I needed a spare flashlight. Since it came with a rather good LED, my only concern was build quality, reliability and long term life. Five years later, these light are still working well, like new. That particular model is no longer made and I have purchased several other different models, as gifts to non-critical users, and every one has worked perfectly. Not one failure in any of them. They are in our cars which are beat on relentlessly by the brutal sunshine here, and I've never experienced a problem (I only leave lithium batteries in the car). Romisen are available in AA or CR123 models (the reason I chose the Romisen RC-N3 CREE Q5 LED Flashlight model is because it came with an extension tube that allowed use of either AA or CR123, which I like because I stock my cars with CR123, for their very long shelf life, but in case of an extended disaster I wanted the flexibility of taking AA in a pinch.
$20 is a very small budget today and I just can't think of any other light that will put out sufficient light to work on an engine on a dark, rainy light. I have a drawer full of MagLights, both incandescent and LED, none of which ever get used because I just can't see well in a dark engine compartment. Most Romisens are under still $20.
Here is where I buy mine at:
Link removed as per the banner at the top of the page - Norm