RE: Plane Recommendation
You've asked a loaded question. "Cheap/inexpensive" is relative. Here's a "relatively" inexpensive example.
Take a look at the Great Planes SE5a ARF. It's made of plywood and balsa and pre-covered with monokote. I have had one for about a month and it flies very solid and it is forgiving if you have the the control throws regulated properly. It will go from mild to semi-wild (don't think it will hover with recommended motor) by programming your computerized radio. Yes, you'll need to buy a decent 2.4 ghz radio with at least 6 channels. I use the Spectrum DX6i and love it. It will hold 10 programs (10 airplanes/helis).
All of my birds, including the helis, have the Spectrum AR6100e receiver in them and haven't had a bit of trouble with any of them ....cost new is $50. A DX6i retails for around $200 new but, you can find them used for almost half that. Futaba makes good equipment too but, I have no experience with that brand.
So, it all boils down to what you call cheap/inexpensive. The SE5a will cost around $90, 4 inexpensive servos at $15 each, a receiver for $50, decent brushless outrunner motor for $50 (+ / -) and an ESC for $30. Investment for airplane = $225 approx. (if you shop hard and smart). The radio used = $125 approx. ....and that's about as cheap as it gets when you consider shipping for all of this stuff.
Hope this info helps you make a decision.