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Even the ones that trick you by starting out cheap
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Uh oh, I've spent about $2,000 on my racing setup (moza r9 wheel base, SR-P pedals, RS V2 wheel, FSR Formula wheel, and ES wheel) and for me its been worth it, but it is ludicrously indulgent. Raced against (drove in the same race 3s slower a lap) a bunch of F2, F3 and F4 drivers and even Romain Grosjean. I was running on a cheap second hand G27 for 6 years before upgrading though, I would recommend going through that first to make sure you really want to race frequently enough to justify the cost.