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At this budget, you could get an ATOM processor server with cpanel for about $130. There are a lot of providers out there who offer atom processor servers for a cheap price.
With your given budget you will get a VPS. But as someone mentioned earlier, you can also get a low end dedi. But you definately need to increase your budget if you want a good management service.
Increasing your Budget for a Fully Managed Server is Definitely a good Decision. The reason is the fact that you won't have to struggle to install minimal Applications and you will also get Support if you face any problem with the Installation of 3rd Party Applications (Confirm with the Hosting provider). Also, I would suggest you to choose a Hosting provider which offers 24x7 support so that it would be possible for you to contact them in case you face any problems.
For $130-$170 you'd get a low end dedicated. You'll be hard pressed to find a fully managed server with cpanel for that price, but it may be possible. I know you could easily do a low end Celeron at those prices, but with 160GB disk and 2000GB bandwidth, if you REALLY need that, then going "low end" is not a smart option as you'll find yourself needing to upgrade quickly just to keep the performance levels up. Now a big hard drive and 700GB bandwdith - I'd have no problem saying Celeron - but if you're needing that extra bandwidth that implys traffic, and that means system resources that a Celeron just can't provide.
Dedicated server will be better solution for you, but it's really hard to find a fully managed dedicated server with cPanel for $130-$170
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you could get a dual core server with 4gb ram for about that much, i would recommend ovh.co.uk or you can get one of there rps(real private server) like a vps but you are guaranteed all the specs. One of there packages comes with 4gb ram as well.