Originally posted by: esun
Yeah $150 is basically the bottom of the barrel. Personally, mine is worth around $3000 and I've got two approximately $1000 bows. Try your best to find a reputable violin luthier if you're serious. Any big store is most likely going to sell you mass-produced crap. Of course, if a $150 violin is what you're after that's probably all you're going to get anywhere.
I suppose a $150 violin will be fine if you're just starting. However, once you progress past the beginner's level be sure to pick up a new one because it will help tremendously with tone quality and will help you enjoy playing more than just feeling like you have to practice. Also, when you buy strings, please buy dominant at least (specify dominant; the standard crap they give you will sound just horrible).
EDIT: And remember, spending a couple grand on a violin is a great investment (that doesn't mean you should drop $15K on one right now, but consider more than $150), far more worthwhile than spending it on something like a computer or even a car. You're almost guaranteed to lose money on those types of investments. With a quality violin, it will only go up, and it will last a hell of a lot longer.