Lord Walden’s Top Hat is a budget top hat available for transmog in Patch 10.0.5. You can get it in about 30 minutes of play in the Worgen starting zone.
With white and gray gear becoming available for transmog in Patch 10.0.5, you have multiple choices when it comes to top hats.
If you’re looking for a budget top hat, complete the Worgen intro up to the quest that gives you Lord Walden’s Top Hat. It’s still obtainable NOW IN THE LIVE GAME and takes about 30 minutes to get. The top hat is Bind on Equipped in the update, so you can buy it at the Auction House when 10.0.5 drops.
If you’re not on a limited budget, consider buying High Society Top Hat. The recipe is extremely rare and the top hat is crafted by tailors. Prepare to dish out anywhere between 140-300K gold for it.