Some interesting differences of experiences/opinion on either side of the "pond".
I paid £750 for my 138,000 miles '96 4.0 Ltd in a snow storm in January - when 4x4's were supposed to be at a premium. I can't imagine any standard pre-2000 Cherokee going for much over £1,000 (think that's about $1,200 now) Agaist that, parts are hard to find, and expensive when you do (cost me almost as much as the purchase price top have CPS & both O2 sensors changed) & it's a pig to work on (how many postings are there on this forum about broken fastners & the like?) - the only job I've done on it without breaking something &/or it taking a day for every hour it should have, was fitting new disc pads!.
However, it is a nice drive, capable, competant & good fun (can't stand boring vehicles!) but I can only dream of 23-24 mp(US)g!
So far it's proved very reliable (the problem with the CPS &/or O2 sensors was because I fried something rooting about under the hood for somewhere to pick up an ignition fed power supply)
