First question, do you want to do only 2 dimensional outline drawings or 3d models?
There are plenty of free or cheap 2D CAD softwares. Only problem is that they are normally designed for doing mechanical designing or contruction / architectual planning. Therefore softwares have a lot of tools for making straight lines and circles, but free form tools, which are quite necessary for guitar designing, are quite poor. I've heard some good comments about TurboCad (available at www.guitarbuild.com)
3D makes things a lot more complicated. I've never seen free 3D CAD software, at least not one which can be used for some real work. Even the commercial 3D cad modellers are quite limited (or way too difficult to use) when making difficult shapes, like a carved top guitar body.
I agree with MzI, in my work as a mechanical designer, and also when fooling around with guitar design in my spare time I always do sketches wit pen and paper first. Computer somehow kills your creativity and you end up doing designs which are easily made with your software, not the ones you really tried to make.