I'm of the opinion of buy cheap until you know you're addicted. My first guitar was a super cheapo deluxe with the action about an inch and a half off the fretboard. That didn't stop me from playing. I have GAS now- 3 Strats, 1 Telly, 1 Brian Moore, 1 Jackson Dinky, 1 Ibanez RG, a Yamaha acoustic, an Ovation...and probably a couple more I can't remember. then there's an acoustic I bought for my daughter until she decided she didn't want to be a rock star, and I have to bribe my son to practice the Epi SG Deluxe I got him. I've seen the value of some of my guitars go up....but....I CAN'T SELL 'EM! Even the ones I never play. It would be like selling one of my kids!

But it's definitely good to have at least 2 guitars. If one gets broken or in the shop, at least you have a backup. Cheap or expensive is debatable.