I hit the local thrift stores two or three times a week and make out like a bandit! I got a Raleigh SuperCourse composite bicycle (in my size no less) with one broken spoke for $20 without a scratch on it.
Specialized CrossRoads Hybrid with a 48/38/28 BioPace crank for $5. New rubber racks front and back, and trekking bars made it my loaded touring bike. I picked up a custom built, one of a kind, Bridgestone TT bike with full on Profile Aero bars, new Shimano 600 drive components, and 105 hub, shifter, and brake group for $50, you cant tell it from new. As for bike specific clothing, someone around here is my size and must purchase it, hang it in the closet for a season, and buy new stuff for the next season! Most of it never has the tags removed and thus, never worn. I am the best dressed, one-year behind the trend, biker around. Typical cost for 6-pannel spandex shorts is $1.99. Jerseys show up with $1.50 T-shirts.