I replaced my printer last year after a great deal of research. I decided that it was better to spend a bit more on a printer in order to save money on inks later. That's because the vast majority of cheap printers put all of the colours into a single cartridge so, when one colour runs out, you have to replace all of them.
I settled on the Canon MG5350, which is currently around £85 on Amazon (although I got it for rather less elsewhere):
http://www.amazon.co.uk/Canon-MG5350-All-In-One-Airprint-Printer/dp/B005I9JQRG
A full set of all 5 (compatible) replacement cartridges costs just £9.99 (or as little as £6.24 if you buy in bulk, as I do) from here:
http://inkredible.co.uk/inkredible-saver-ink-cartridges-for-canon-pixma-mg5350
If you buy a cheap printer you could well end up having to pay over £30 to replace all of the inks (even with compatible cartridges), so my initial additional outlay has soon been recouped.
The MG5350 is an excellent printer, which is incredibly fast at both printing and scanning. (Incidentally, I started out looking for a printer without additional functions, such as scanning and copying, but found that it would cost more to buy anything decent than to go for an 'all-in-one' printer anyway).