[csense]

If you want private repo hosting on the cheap, I would suggest using Gitolite [1] on a VPS [2].

The current version includes self-service key management, regular users are able to create repos in their own namespace, and easy forking of repositories. It's extensible, you can write your own commands in any language.

Granted, it has minuses. It only has a command line interface (no GUI), requires a little setup and editing of configuration files and reading of docs.

[1] https://github.com/sitaramc/gitolite

[2] http://prgmr.com/