This is my trade...
The OP is looking for a budget solution and while I will sign onto the recommendations for Ipe and synthetics I'll try to address the OP's main concern first. Cedar vs. PT As others have noted today's commonly available cedar is not what was typical in the decks of yesteryear. Unless you pay for very expensive old growth, say 20ish a square foot you aren't going to be happy for very long. I am unsure about some of the Alaskan Yellow species that those up North might have access to but, lower 48 anything you get will be a sapwood inland version of western red. Depending on where this deck will be PT could be a good solution. If it gets a lot of sun, read my comments below. If it is a wet-ish or shady environment it could go well. A trick of the trade and it's actually a part of the install instruction for EliteDeck is to spray the newly installed pt decking down with a special sealer Wolman sells. It's a low grade deck stain kinda like Thompsons, a light oil. This seals in the moisture and slows the drying process mitigating much of the downsides of pt lumber. Keep it covered before install, you actually want to keep it wet as long as possible.
I would take a long hard look at some of the more affordable composites if you can. Trex, Deckorators, Fiberon and Wolf are the best in my opinion. I despise Azek and TimberTech. they both are made by CPG and the warranty is not worth the paper it is printed on. Yes, sometimes their product serves people well which is why some folks will adamantly recommend it but, in aggregate there are way too many failures and they don't back it up. I once had a customers deck turn milky white and the rep said it was weathered not faded, so not covered. He almost got thrown off of that deck and in the end, after a lot of threats they did cover that one, most have not fared so well. Google it.
Fiberon has always shot me straight and Deckorators has never failed us once. They have a warranty that covers labor too, no one else does. They have a board made out of limestone and polypropylene that barely expands and contracts with temp. Anyone that lives in Montana or Wyoming etc. where there are wild temperature swings should take a long look at Voyage from Deckorators.
I import Ipe from Brazil through a broker and we sell tons of it. Not cheap and a laborious install. Nothing like it either though. Beautiful, same flame spread rating as concrete. Impervious to insects and decay. Some nuances to it's install but, if you ask or do your research it's fine.
