If you already have a turntable and amp you just need to buy a CD recorder. I have the Traxdata CD recorder which was just over £100 from richer sounds some time ago. There are several CD Recorders on ebay for less than £100.
If you want better than CD quality use a DVD recorder and record just the audio channels as this has a wider frequency and bitrate than CD.
But if you want even better quality hook your HiFi up to your pc and you can record much higher than CD (24 or 32 bit depending on your soundcard, CD is 16 bit, also most soundcards can do 48000hz cd is 44100hz) and save as a WAV file or compressed WAV file (.WV).