Tools A good place to start is Sears (and K Mart now) as they often have sales on sets. Also check at your favorite parts stores or home improvement stores. If you purchase "life time" warranty tools you want someone who is still in business if you need to replace a defective tool.
A good quality socket set with SAE and Metric Sockets; 1/2", 3/8" and 1/4" rachet handles; 1/2" and 3/8" "breaker bar" handles; various 1/2", 3/8" and 1/4" extensions. Duplicates of the most used sockets.
Good quality hand wrenches in both SAE and Metric sizes. Duplicates of the most used sizes recommended.
A good quality set of SAE ratchet wrenches.
A good quality set of screw drivers in both Pillips and Straight ends. Some sets also include some torx ended ones.
A good quality plier set; slip joint, needle nose; hose clamp; "water pump"; and side cutter types suggested.
"Vice Grip" type set of pliers.
A rechargable srewdriver. Consider getting one of the sets with a large variety and styles of bits. A flex extension is also recommended.
A pry bar.
Some mechanics hammers and "soft" mallets.
Oil Filter wrench.
"Carpet Knife" w/extra blades and a razor blade scraper w/extra blades.
Something to catch oil and other fluids in.
A tool chest/cabinet. You can get some OK ones at places like Wal Mart, etc. that cost less than $50.
Supplies -- things to keep on hand
Motor Oil; ATF (Dexron III); Gear Oil; Anti Freeze; Brake Fluid; W/S washer fluid; Lithium Grease; a rust blaster solvent; WD-40; JB Weld; Mechanics Wire; RTV red or orange; hi-tack gasket adhesive; "Brake Klean"; Engine Degreaser; and Rags.
Oil Filter; fuel filter; air filter; hose clamps; and vacuum hoses.