If I were to start over again, I'd probably still go with a basic kit, as long as it was done right. A brew bucket, airlock, cheap capper, some hose. I 'd find a plastic carboy, and a good deal on a brew pot (~5 Gallon aluminum, procelain, or Stainless Steel).
This will get you to doing 5 gallon extract recipes. But, if you look around for a brew bucket, then you can save a good portion of the cost. Get a food grade bucket with a lid. Buy a spigot and drill and mount it yourself.