I had this drink at a wedding recently and it was super good. I know that you can find white wine for under $10 bucks at the grocery store or big box stores. This is from Real Simple Magazine.

White Sangria
Ingredients
6 cups Chardonnay or Sauvignon Blanc
1/4 cup superfine sugar
1 cup white grape juice
1 ripe nectarine, pitted and cut into thin wedges
1 tangerine, thinly sliced
1 cup seedless white grapes, halved
1 cup club soda
Directions
In a large pitcher or other container, combine the wine and sugar. Stir until the sugar dissolves. Add the remaining ingredients, excluding the club soda, and mix well.
Place the pitcher in the refrigerator and let the sangria sit for at least 1 hour (and up to 4 hours). The sangria will sweeten with time, so the longer it sits, the better.
Just before serving, stir in the club soda and ice cubes.

By Kay Chun, June 2001