Willing to be proved wrong.

what is the rest of your electronics?
if you want to have an analogue along with your today's digital you might come to the conclusion spending at least $600 to bring up the sound to the descent level.
You can get Thorens TD160/SME3010/Shure V15vxmr setup for approximately $450 used and Creek OBH8 mm phono for arrround $125...150 used.

I also kept my old Garrard so that I would have something to play 78s on. It's OK for that, but only that. Not going to suggest you buy an expensive TT, as that is out of the question. But you might consider an inexpensive one, such as the Dual CS503-1 w/Grado ZF3E available on Audiogon for $150. In terms of tracking old records, stylus wear, record wear, cartridge compatibility, system compatibility and sonics, I think you are going to be more satisfied if you replace the Garrard.

Several good cartridges have already been mentioned. It looks like most of them are MM but a good MC would work also. Take a look at the Sumiko Blue Point, or the Blue Point Special if you can justify the difference. I have used and liked both of them. The BPS is better and doesn't cost that much more. Reviews are available for both of them if you want to check magazine archives. Stereophile and The Absolute Sound covered each of them.
Good luck, and have fun!

Though I don't anything about the Stanton model mentioned in particular, I would be wary of buying any phono cart from a guitar chain store. The models these stores carry are usually intended to be used for "scratching" by hip-hoppers, or for portable TT rigs that are slip-cued by DJ's under party and club conditions, and as such are built much more heavily than is optimal for home high fidelity listening.

The "Rat" (if a single unit is used in stereo mode) requires two 9V batteries and a charger (figure $30 for this @ Target, or a lot more @ RS). Other than decent sound it is dead quiet (no mains hum). To me it sounds better than the NAD stand alone unit and it easily beats any vintage budget receiver phono section that I have heard (the exception being the phono preamp in the Advent 300 receiver).

The downside is that the battery needs to be recharged every 3-5 days and it needs to be left on 7/24 for it to sound good (you will require two batteries, charging one while using the other).

So figure $60 plus the hassle.

If you want to save a few $ I do know where some of the units may be left for $16 (plus shipping) VS $25 @ RS.

For an inexpensive "plug in" phono preamp look on Ebay for a vintage Realistic/Radio Shack 42-2101. I suspect that this unit may have been designed by J. Curl (or @ least based on one of his early designs). My Rats run as dual mono's are better, but the vintage model is still a good performer and it is without the hassle of battery power. Figure $20-$25 for one of these, plus shipping (I would not pay more). I used the vintage units as dual mono's as well (my cheap/easy way of beefing up the power supply in order to increase dynamics), but one, in stereo, still sounded good.