What do you mean by "affordable"? For sub-$1000 - check out the sticky thread by the telling name - very very good advice there.

For even cheaper, I have a Rega P2 (about $600, depending on the cartridge). Then there's the Rega P1 for a little under $400. I think going much cheaper than that (new) is a little risky.

I'm new to vinyl, and I've been happy with the P2 with a good phono preamp, and an otherwise decent setup. What kind of gear do you have now?

Rega is a good suggestion add Music Hall and Pro-ject to the list. I also second the idea of checking out the following thread:

http://forum.stereophile.com/forum/showflat.php?Cat=0&Number=26116&an=0&page=0#Post26116

If you have the budget, you'll want to upgrade your gear at some point. But, since you're just getting started - don't let people discourage you.

If you can find a used Rega P1 or P2, you'll be off to a great start on the source. Then you can take some time to do some research on speakers and integrated amps, save some dough, and you'll start hearing jumps in quality very quickly. In the meantime, you can and should thoroughly enjoy what you have access to.

There's something you might want to check out on Ebay right now -- a Goldring GR 1.2 TT (search for Rega P2, and it'll come up). Just pick up the Rega Glass platter for $80, and that TT for $225, and you have yourself a good setup. And it has a good cart, too.

Just to clarify - this thing is basically a P2, and you'd be paying less than you would for a P1.