There is a wide range of gear between the WalMart cheap stuff and the high end gear, and it all goes on sale at some time or another. Clothing particularly can be 30% or more off simply because it is last season's color. But no discount is worth it if the gear does not fit you or your needs. Once you figure out what you want to buy, if you wait a bit and watch for sales, you can usually pick that up at a discount. Your shoes, pack and sleeping bag and pad are all very important for a positive first time experience. Go for fit, comfort and quality. Get clothing at GoodWill if need be, in order to afford the more important items.

I think going out with groups is a good way to start. You would be surprised at how many people have extra gear that they would happily lend you for a trip. When I started, I did not own a tent for years- just shared a tent with others. By the time I bought a tent, I had a good idea of what I wanted because I had experienced being inside many brands of tents.

If you are not sure you even will like to backpack, then by all means rent the more expensive items!