To the OP, FAST and Racer5 are great ways to try track out if you are not sure if its for you (it probably is, but everyone is different). It's a higher one time cost, but no commitment required, as others have mentioned. FAST offers the option to bring your own bike, which can help keep costs down (I did this and though it was a good option). Riding a machine you are familiar with will help you focus on what is being taught, not learning a new machine. To each their own, there is no right or wrong here. I'd strongly recommend a track riding school to all riders who have never been, new and old.
Racer5 does not offer a bring-your-own-bike option, but I'd argue is better value given you get more track time. Instructors are great at both. Keep in mind, these schools are an investment in your skill as a rider, something you will always keep with you regardless of what bike you have or where you ride it. I'd argue they return more in skill than they cost in dollars, a good investment.
Gear is a big one. Buy the best you can afford at the time. Getting decked out head to toe in
Alpinestars (or other top name) is great for safety, but may not be realistic given other startup costs. Often you can find used suits (e.g. racer5, ex SOAR/FAST school sell offs) for a more modest price. The more you get into track riding, the better stuff you'll start buying. This helps spread out the cost. If you can borrow a set of gear from a friend, even better. I've borrowed stuff out to first time track riders for free a few times. The track community is small and generally willing to help out. Be sure to ask!
Without tow gear, Riders Choice carting your wheels there and back may be a good choice for the first few times out. As for cost in general, some items are slow wear items like trucks, trailers, generators, etc. Other items will wear more quickly like
gloves, oil, fluids, pads, crashes etc. So cost is really a function of overhead for the former, and laps run for the latter. I started out on a Ninja 500, which today would have cost:
$3500 for the bike although this is really a sunk cost, since it was already purchased
$250 for a tow kit for the car (I went with a friend the first few times, but then bought a trailer)
$700 for the trailer + $200 for straps, hardware, etc, linamar 5x7 open trailer
per day:
$10 for
tires / ($50 over 5 days for street
tires center wear, edge wear is free in this case, using the full
tire, which was already on the bike). Its a slow bike.
$10 for fuel in the bike
$80 for fuel in the car 2.5 hours each way to SMP for me
$5 brake pads (again, its slow)
$175 for the lapping day (SMP had deals for $140/day, but with new management this may no longer be a thing, and no bike shipping service)
$10 for an oil change ($50 / 5 days)
$10 for additional lunch food (you'd eat lunch anyways)
= $300/day + amortized initial cost of gear/car/trailer/etc of which some gets folded into general street running costs. The sky is the limit after that.
Have been thinking about this myself - current bike (CB919) seems like it would be well suited to it, but I won't be too upset if it gets bent in half. However half of my gear is a bit ratty and wouldn't cut it for the track. I have a JR Speedmaster 5.0 2 pc but it is a bit aged, is getting gear inspected a thing? (I don't mean will it pass tech, I mean like... getting someone to assess/repair it)
SMP will inspect helmets, but generally there isn't gear inspection. If you are concerned about it, ask one of the more experienced riders to take a look at it. I'd probably do this before showing up at the day incase there is an issue. Typically experienced riders carry spare gear, so in a pinch you could always ask to borrow a missing piece you need for the day.