save money and call studios in your area.  id also check out local band recordings.  if one has a sound you dig, check where they went.  you may run into a musician who records for cheap on the side.  not highest quality gear perhaps, but a good engineer can sound good with less than stellar gear.

most project studios seem to run $20-30 an hour (in this area anyway).  if you record to tape, that costs too.  i see youre in north carolina? see what mitch easter's up to these days.  he's good  

and not only should be prepared musically, but you should know how many folks are actually in the band