Teak costs two to four times what cedar does. Here is exactly what that money buys, what it does not, and which climates and habits make each one the better buy.
Acacia is the most common budget hardwood in outdoor furniture. It looks and feels far more expensive than it is - as long as you understand its one real weakness.
A simple cedar bench is one of the most achievable DIY projects there is. Whether it is actually cheaper than buying depends almost entirely on what you already own.