For a no fuss set-up, but with very good sound, the Rega's can't be beat. The P1 would definitely fit in that budget, and maybe even a P2 used.
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You do not mention if you have a reciever with a phono input? If you have nothing with a phono input or a stand alone phono preamp, you will need to add one to your budget.I just left The Needle Doctors website ,and he has a good selection of turntables in your price range .They could set you up with a package with everything you need .I do not work for them.Good luck,and have fun!
I recommend you look at this Audio Technica Bundle from LPGear. It includes a heavy, rugged turntable with aftermarket turntable mat and Audio Technica AT-95 cartridge, widely considered the best $50 cart out there. It has pushbutton controls to change speeds and even includes 78 rpm. It also has a built-in phono preamp and volume control so you can hook it directly to powered speakers if you like, or to a receiver that doesn't have a phono preamp. It also had an analog-to-digital converter and USB output so you can rip your vinyl to computer and on to your iPod.
And it's right at your price point.
I just posted a review of the Linn Basik turntable with the Linn Basik LVX tonearm, which with the Shure VN5MR cartridge is the best sounding turntable that I have had in my system. It outperformed a Linn Sondek, Oracle Alexandria, Thorens TD125, Rega RP3, and some others for rich, warm, sound with great soundstage and feeling, as well as decent detail. Although not up to the Sondek or Alexandria for high levels of detail, in my system it was not dull either and conveyed more emotion and realism.
Stringreen: Now that you've had your eye-roll and dismissal moment in the sun, care to be helpful here to this fellow Audiogon member who asked a pefectly legitimate question? Elitism and snarkiness are simply unproductive and frankly, who has the time and bandwidth for such cynicism anymore?
C'mon, surely you have a couple of helpful suggestions...
Mine would be to find a good used Technics 1200 series table and install at least a $50 to $100 AT or similar cart. This will likely run about $700-$800 (I know, out of budget) but the advantage is a solid performing start to vinyl.