For those who are intrigued by the advantages of induction cooking, the thought of having to replace your existing pots and pans with new induction cookware may keep you from exploring the option further. However there are some inexpensive cookware solutions available, and further, your existing cookware may be perfectly suitable for induction cooking. Just because a cookware set is not advertised as a "induction" set, does not mean that it is not suitable; a simple check allows you quickly determine if some or all of your existing cookware is acceptable for induction cooking.
The easiest way to determine if your existing cookware is suitable is to perform the "magnet test". Find a generic magnet and see if the bottom surface of your cooking equipment is magnetic. If it is, you're good to go! If it sticks, but just barely, I would pass, as this indicates only marginal usability for induction cooking. Cast iron requires no checking, so if you own an old cast iron skillet, all you need is an inexpensive portable induction cooktop to venture into induction cooking.
Stainless steel actually may either magnetic or non-magnetic, depending on its composition. While many of the popular stainless sets will not pass the magnet test, we have two recommendations that have been confirmed to be magnetic. Just a quick note; many stainless cooking vessels will us a sandwich construction, so that the inner surface that is in contact with the food will be a different stainless steel than the bottom surface (the surface that is in contact with the burner). So it is important to check perform the magnet check on the right surface. All-Clad though not inexpensive is known to be high quality and their stainless cookware sets definitely pass the magnet test.
If you're interested in trying out cooking with induction technology before investing in an expensive induction cookware set,, there are budget options available. One option would be to purchase an inexpensive induction burner, and obtain a cast iron skillet; these can even be purchased for a few dollars at thrift stores. So for under $100 you can enjoy the benefits of induction cooking.