my first guitar was £80 ($116) brand new, Encore, Strat copy, I dont regrett doing it at all, Cos when i first went out to buy a guitar I didn't really know anything about the "sound"... I learnt to play on it, and quickly got an idea of what i want...
I saw Tom using a strat with two humbuckers (on the "first date" vidoe i think)...
My advice is get a cheap guitar, learn to play on it, if you dont like it you dont feel too giulty about giving up... If you like playing, save up as much money as you can over the next few months and get your self a decent guitar and amp...
Second hand guitars some times have some real treasures, but take someone along with you who knows about guitars...