My first guitar was an acoustic I got from a garage sale for 50 pence (70 cents!) and still have it though it never gets played as its awful! Continuing that theme my first electric was a Rockster(!) and it is long gone for obvious reasons: 
Mine was a yamaha pacifica, which is gone. Still have my first MM, a Luke mk1, which i don't think will go anywhere. The pacifica was kept in the cupboard for a good few years so realised there was no good reason to keep it when it could make some kid really happy.
I still have my first guitar,too. It is an Aria ProII, bought in 1991.