My husband is into vinyl (which he plays on an Oracle Delphi Mk.III turntable with a SME tonearm), so I asked him about your question. He said that if your budget is limited, then there are two ways to go:

1) Buy quality used products — look on eBay or at the "For Sale" forums at various audiophile websites (e.g. Audiogon, Head-Fi, etc.). My husband says that you can get some lower-end products from good brands like Thorens or Rega for reasonable prices on the used market; or…

2) Buy a new product from a reputable brandname — He says that you might look at a turntable from a mid-level maker like Denon. They have a decent one for $149. Or if you can spare a bit more cash, you could get the entry-level level turntable from a high-end maker like Rega. The Rega P1 is usually about $350 from a dealer like Audio Advisor.

But, before you buy anything, his advice is to get familiar with what's available by asking lots of questions on audiophile forums like Audio Asylum, The Vinyl Engine, and the aforementioned Head-Fi. The people on those sites can give you really detailed info on just about any kind of audio equipment you're interested in.

Good luck!