Bubbleawesome, if you're on a budget, and like space sims, seriously check out Evochron Mercenary...it can be had for much cheaper than either SC or ED. Its flight model I still feel is better, but only by a smidge over ED compared to 6 months ago.
I own both SC as an original backer, and purchased ED beta this summer. Both are fun, I feel SC is more action-oriented with the Arena Commander module...it is fun, but loses my interest faster, and the flight feeling isn't quite as good (to me) as either EvoMerc or ED. Out of all 3, I play Elite the most, but EvoMerc was my #1 up until recently. EvoMerc is an indie title that's been out for years, and Vice, the guy that created it is brilliant imho. For a guy on a budget, that is the title to get imho. Wait for SC and ED to mature more... though theoretically, Elite should be officially released before the year is expired, it also has the most stuff and is in an actual beta versus SC and it's limited modules in more of an alpha/tech demo feeling.
My laptop (Dell 3540) and main rig (see sys specs) both run EvoMerc and Elite Dangerous at 1920x1080 with maxed out details and settings with SMAA, nice and smooth. The laptop does stutter every once in a while, and this does not count the bugs from beta itself, but overall the performance is smooth and very fun. Star Citizen on the other-hand runs great on my main rig maxxed out at 1080, but my laptop struggles to pull off 1600x900 with medium settings.
Elite is better with control adjustments at this point, SC's controls are good at default...but changing them has led me to issues mostly when remapping keys on my joystick. EvoMerc has you create your own control style which takes a few tries but is ultimately worth it. EvoMerc also has the steepest learning curve, but has a great online community, seamless online/offline and seamless open space and planetary landings...albeit there is much less detail graphically and for things to scan/see/mine/visit.
I feel Elite is better with its ship controls at this point, but SC's most recent 0.9.2 patch "feels" like they really stepped it up to me...I use both Keyboard + Mouse (laptop) and Logitech Extreme 3D Pro joystick (gaming rig)...and both methods are EXCELLENT in all 3 titles.
SC doesn't have trading yet...that I have seen.. ED and EvoMerc does. ED and EvoMerc are both more open, go do your own thing, be what you want to be, trade, pirate, smuggle, spy, etc. EvoMerc has a more lifeless space than SC or ED, even when in MP...but it's a great and very solid experience that for a budget (and can be had on a steam sale for even cheaper) should be in every Space Sim Combat lover's collection...it is HARD to fly in and become confident in combat...I'm still not great at it after years of on-and-off playing. I always go back to it, and in-fact it'll play on about any hardware within the last 8 years with smooth frames and fast load times. It is limited in other aspects...but what you can do is not one of them..you can modify your ship, shape it, run a crew...choose many different routes, explore, etc. But as SC and ED continue to improve... EvoMerc may become a more distant shadow and will be remembered as that indie space sim with a vertical learning curve! Lol.
If I had to choose right now between SC and ED I would choose, Elite all the way. Both are fun, don't get me wrong. If you want to just get in and gun, on the same couple of maps...over and over and over and over... SC is the way to go at the moment. If you want to explore up to 2000 systems in a beta...ED is the way to go. SC has more ships to buy that look way cooler, ED's ships are more function over form...and there's less of them. ED has an economy running atm, SC does not last I checked...there is the Hangar module and Arena Commander (dogfighting) module.
It ultimately depends on what you want... a good, matured, challenging space sim? EvoMerc all the way. If you master this one... SC and ED will be a cakewalk.
All three of them are in the Space Sim genre, but that's where the similarities start to differ...each has a unique flavor and I'm proud to say all three of them I own and enjoy. If I had to choose just one...EvoMerc...if I had to choose between ED and SC, ED. That's this month, this week, the next things could change quickly as SC and ED come into fruition with each update and trial run. Your system should do quite well running all 3, but don't be surprised at performance issues with SC from time-to-time...it has a long initial load time that is MUCH better than it used to be. Bah. I'll stop now... they're all good...but what you want needs to be what you think about next...if you want more sim, more arcade (there are other good options if a more arcade feel is your thing...), more realistic, more assited, more promised in the future, more modern rendering and technologies, more opportunities and expansion, etc, etc, etc.
Food for thought, and good luck! That is one challenging choice!