I use cheap-a$$ WalMart automotive primer. Their brand name has changed since I've been using it, but I think it's the same formula. I use it both for plastic models and for metal figures. I found that it covers well, and it is much cheaper by volume than primers made specifically for the scale modeling market.
I had tried Rustoleum's primer, which is good, but it, too, was more expensive by volume than the generic WalMart primer.
I have also built kits and not used a primer, where the surface seemed to have a good enough "bite", to avoid building up layers of paint, for example, on Eduard's 1/48 P-39Q kit.
I usually only apply 1 coat of primer, unless I see flaws, in which case, I address the specific area and hit it again with primer, though not by applying primer to the whole model again.
I've also settled on using the medium gray color, though I will also use the light gray. I tried the rust red primer, on some metal figures, but found that it actually made it a little harder to see some detail, compared to gray.
Best regards,
Brad