I have been there and done that. I'm also a University student. I still buy a lot of gear and that's because my parents help me with a lot of my spendings.
Even so, I have to think about it a long time before I spend money on gear.
There are some important points you'll have to take care of:
USED VS NEW:
If it's an initial buy I would try to weight used vs new. In some case used can be more expensive if you are not careful.
New has the included cost of the inspection upfront.
While if you buy used you'll need to spend from 60$ to 100$ (labor + parts) to get it working properly.
In the majority of cases USED is cheaper than NEW hands down.
That is why it is very important to find a trustworthy LocalDiveShop that tells you UPFRONT what are the costs associated with the maintenance.
TYPE OF DIVING:
What type of diving are you looking into? You might not know it at the moment, it's ok.
But do you want to dive while on vacations or locally? I know some divers who think diving is SOLELY for tropical places.
VERSATILITY:
Buy something that will last for any type of diving you might do down the road.
Example: Consoles, I've hated console from the very first time, on my first pool dive. It's bulky and not really useful. That's why I changed early to an
SPG(Submersible pressure gauge) &
Wrist Mounted Computer. You can use it in Recreational, Tech, Sidemount. It's versatile and easier to use IMO.
HIDDEN COSTS:
There's always something you need that you forget to calculate in your costs. Try and see if you have all of them.
You might need a Compass. If you buy an SPG there's also a hose (which some LDS over-price a lot).
In your shoes I'd look at most low cost website and look at the deals. Some even have used gear on sale.
Theres LeisurePro, PrihanaDive MFG, Dive Gear Express, ScubaToys etc...
If you don't want to buy online, they give you a rough estimate at least of the cost.
I know leisurepro has the official lowest price from ScubaPro, since they can now sell them legally online.
LDS (LOCAL DIVE SHOP):
I know, some are a pain in the **** but others are truly great. Try and see if you can find a local dealer that services reg for a good price and looks to be professional.
IMO, there are 2 types of dive shops:
#1: Expensive and RipOffs that cater to leisure divers that go on vacation to dive. They sell vacations, over-priced gear and even more over-priced maintenance.
#2: LOCAL local diveshops; meaning that they cater to local divers, offer local dive trips. In colder environement this usually means that they cater to more tech oriented divers. They sell stuff a bit over the min price (let's say 10%-20%) but not too expensive. They usually offer tips and tricks that comes from diving experience and not selling experience.
WARRANTY:
The good part of liftetime warranty is FREE PARTS
If you calculate it, the ROI (return on investment) on the used is that it'll take 5-10 years of paying used parts for the upfront cost of a new one to be worth it.
Being a new diver, you'll probably want to stay on the used option since you can change your mind anytime and resell your used goods for almost the same price you paid.
New gear loses 50% of it's value just by the fact that it's used.
RENTAL VS BUYING:
If you don't dive more than 10times a year, it's sometimes less expensive to rent than to buy.
if you pay 25$/rental at 10 dives it's 250$.
Just the annual inspection of my regs are 60$(parts) + 30$(Parts).
There's an annual cost involved in this that you should understand and calculate.
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Here are some recommendations of what I would buy/rent/get used if I could redo it all:
Note: They are in order of what I would get first:
1) Wetsuit: NEW (nothing is less confortable than a badly-fitting wetsuit)
2) Computer: CHEAP-NEW or USED-GOODQUALITY (if electronics dont work, it's usually better to throw it and buy another)
3) BCD: USED (Paying 500$+ for a piece of glued-up fabric...serious?)
4) MISC: NEW (compass, back-up light, note-pad; don't ignore them, cost can add up really fast)
5) Regulators: USED or HOG (the brand hog is pretty inexpensive for the quality)
*note: I don't like that people instantly answer by " HOG is the best choice" but let's be honest. They cost almost as much. Used gear need an initial maintenance that can cost 100$ or more.
Yes some lower-end regs for SP/AL may cost as much, but the HOG is made to compete against DS4, MK17 & MK25 which ARE 200-300% more expensive. Personally, I dive with SP, but it makes a whole lot of sense to me to go the HOG route if your new and you dont have much $.