One of my new favorite under $10.00 red wine is Luzon Jumilla 2004 (Spain).
The winery is located some 200 miles south of Madrid.
This wine is a blend of 65% Monastrell and 35% Syrah. It shows qualities way beyond its $7.00 price tag.
If you want to find more under $10.00 (red and white) wine suggestions read Who knew a $10.00 bill had such a nice bouquet in New York Times.

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Serge:
I am in 100 percent agreement with you about the 2004 Luzon. Just when I started buying it regularly, it got sold out.
It was only $5.99 a bottle at a place in Blauvelt, NY.
I tried the Verde one and didn’t care for it and their red label one is good but is double the price.