Honestly, I would say save a little extra and get something of a better quality. Video quality is pretty important when it comes to youtube, after all people are visiting the site to watch video, not listen to audio or read text etc. rather then get something of a lower quality, save for a little while longer if you can and get something you can keep using for a longer period of time. Even smartphones have very good quality video recorders now.
I actually started on youtube using an old Sony camcorder - quality was poor, as you can see from my older videos. As I got into it a little more I actually purchased a tripod mount for my iPhone, and most of my videos were created using my iPhone 4/4s believe it or not. Quality was great, and videos were HD.
Since youtube is making me some decent money now, I felt it was time to invest into something better, and rather then buying a camcorder I opted for DSLR due to the flexibility with lenses etc. Along with my lighting, mic, tripod etc, I must have spent just over £1000 in total, but felt it was worth it as I will make that money back from my youtube channel within the year. I've also noticed more subscribers since my video quality has improved.
Just as important is the video editor you use. I found imovie gave me poorer quality output and was a little limiting so switched to Fnal Cut Pro in the end which gives me much better quality output.
