Awright, I'm gonna throw my hat in the ring here.

Assuming none of your car gear is useful,

Sig Kadet LT-25 -- flies as well if not better than any .40 size trainer - $70
2 rolls covering - $20
1 bottle thin ca, 1 bottle med. ca, 1 pkg 15 min. epoxy - $20
OS .25LA - $55
Hitec Laser 4 with 8 channel Rx and (4) HS 325 servos - $110
Wheels, fuel tank, fuel tubing, hinges, rubberbands - $20
Hobbico starter, 12v gel cell, and ni-starter - $50
Covering iron - $15
Total $360

It's a kit, and everything absolutely necessary to build it, no frills.

As others have alluded, you probably would be best served to join MAAC and find a club to help with final setup and the first few flights. A simulator such as realflight g2 would be helpful too, and should be cheap on e-bay now that newer fancier stuff is out there. Or, for free, you can downlaod FMS and build or buy a transmitter adapter to use your Tx with it. Having experienence with both, I can safely say that flying model airplanes is a whole different world than driving r/c cars. Your car background will certainly help, but don't be afraid to seek local help if available--it will greatly increase your chances of painless success.