I just bought a NH 479 haybine ($1400), a NH 56 rake ($950), and a McCormick 46 square baler ($400). I have invested about $150 in parts and manuals and I'm ready for my first haying. I see in another post where they mentioned a $10k or $50k investment and I just can't justify that. Craigslist has lots of used equipment and if you inspect it carefully and are handy with a wrench, you should be able to find cheap equipment that will get you rolling. In my case, I had concerns about the baler, as it has a terrible reputation for bad knotters.. Should it turn out to be a pain in the neck, I can scrap it for more than I paid. If that happens, I will stay with square bales, but jump to New Holland. If you find a specific model, do a google search and you can find lots of chats about issues others are having.
I skipped the tedder. Bar rake and a haybine should do the trick, based on advice that I have received. Bar rakes are fairly cheap and very easy to maintenance (so far at least).
If you find equipment local, you can compare prices on tractorhouse.com. I used that and craigslist. The dealers selling used equipment wanted a huge markup for their stuff and it wasn't in any better shape.
Best of Luck