I'm in a band. We recorded a cd a few years ago. The quality is bad. We were young and did everything ourselves; recording, mixing, mastering, distributing. It was a great experience.
We're recording our second cd now. We're doing it professionally this time so obviously the quality is much better but it doesn't compare to first time around. We had such a good time. We were learning how to use the recording system, testing out different things. We didn't have any pressure, we did everything at our own pace with no time limits or rising bill to worry about.
It's great that you guys are learning instruments. You should record everything. That way you'll get used to recording and if you're writing your own songs they're there if you forget them. I lost a good few songs because I didn't record them. I learned my lesson the hard way.
Don't doubt your singing abilities. Even if you aren't that good, it can be fine-tuned with practice like any instrument. I wish you all the best and I hope you stick at it. It's very satisfying and rewarding when you learn a new song or finish writing/recording one of your own.
I'd also love to hear your version of This Is It