I've been fortunate enough to have "handmedowns (aka: an excuse for my dad to buy the latest and greatest liferaft/epirb/etc)" that are still within spec and date, but most of the gear, there just really isn't any excuse to NOT have it.
Whats the price of staying alive?
Type 2 lifejackets can easily be retrofitted with sticky back reflective tape. Police/fire supply has it MUCH cheaper than marine supply.
Here's the basic, $1300 LRSE coastal ditch bag:
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Throw in a first aid kit (is that in there?), lifejackets, and a few other things, and you're EXCEEDING the CG safety requirements.
And those flares are freaking amazing (pains wessex)