Yes, the cheap stuff is worth the money. The good products are not worth the money if they don't get used. Go with the cheap bike & rack and see if you like it. If you decide you really want to ride regularly it will be worth spending for the good stuff. I'll bet 90% of all bikes purchased of any quality do nothing but clutter up somebody's garage.
As a warning, I know of no group of people more elitist about the price of their gear than bicycle riders. Kayakers are bad, but not even close to bicyclists. And you'll never hear a more intense up-sales pitch than in a bike shop.
