Yes you can buy cheap gear & you can catch fish on them . ..... like buying cask wine to get pissed - both will do the job .
My advice will be always buy the best gear you can afford ...... & with the exception of lead sinkers I cant think of any fishing tackle ( rod , reel , line , lures , terminal tackle etc) where that didn't apply to.
even a basic item like a hook ...... dropping a quality fish because a hook bends or breaks is pretty gut wrenching ..... ditto with a swivel pulling apart . IMO those few cents saved on that bit of kit is just false economy.
I'm hearing cheap lures being mentioned ...... go & compare a kokoda lure against what it is meant to copy - say a vibe ...... the action is chalk & cheese . Lures that are meant to suspend generally don't , the hooks are sub standard ( hooks can be sub standard on high priced lures as well... sadly) - the most common fault is that lures don't track straight. I did a lot of lure casting for bream a decade or so ago ..... realistically you needed to spend $20 - $30 for a lure that would do the job straight out of the box ....... the same went for bass - A cultiva would have been the starting point .... so $15 + .
when it comes to rods - yes , you can catch fish on what amounts to a broomstick or fiberglass aerial ....... but certainly as your skills develop as a fisherman , you realise the shortcomings ... be it feel / sensitivity , casting distance / accuracy...... weight & feel - there is just something about using a nice rod.
Reels - I've heard the arguments & even have looked at cheaper options - failures & corrosion soon having you thinking about value for money . ........ No you dont have to spend a grand on a spin reel or $600 on a baitcaster - but you'll certainly notice the difference spending half that . A Penn slammer is a hell of a reel ...... but it's bloody heavy & quite agricultural - specially when used over a long period.
Braid ... .go & try that Ebay Spectra ..... & watch it come apart as you use it . Today you can buy quality braid for $12-20 / 100m .
In a nut shell - these days I actually spend more on hooks , swivels , leader & braid than I used to ....... these are your connections to the fish & what you certainly don't want to see fail. Rods & reels are more a nicety ....... I dont go for nice custom wraps these days - just functionality . Reels will always be what is the best I can afford or am willing to pay ...... a Shimano Thunnus for bait fishing for snapper is top notch at $300 (on special) - you don't need a $1100 Stella ..... but it's horses for courses .
Finally - We pay too high a price for tackle here in Australia ...... those distributors are taking us for a ride & then some. my advice is only buy locally when on special or look overseas - even today you can still save 20-40% .... & that may be the difference between buying ok tackle or buying great tackle.
anyhow , that's my thoughts
Chris
Give a man a fish & he will eat for a day !
Teach him how to fish
& he will sit in a boat - & drink beer all day!
TEAM MOJIKO