It depends on the collets you want, and the work you do. Multisize are very good but the ones I've used can't hold short pieces.
The cheapest and probably most accurate collet holder would be a spindle taper adaptor, probably to 5c. You could even make your own soft one. The drawbar is easy, if you're happy with a simple screw type.
You are limited to 27mm/1 1/16" bore with 5c but it is an industry standard and there's loads of stuff like larger step collets, squares and hexagons too. If you buy sets in bar stock sizes plus fill-ins to suit the work you should be fairly well covered. Remember that in emergency you can make collet liners if you don't have the dead size. Be warned that quality varies hugely, so buy carefully.
Then there's the ER series, which being size tolerant may end up a bit cheaper overall, but probably less accurate and versatile. It's worth remembering that ER is primarily a toolholding system in industry, though obviously can hold work also.