I hear ya on the money part. And I thought flight sims had some expensive hardware... man, the sky is the limit with racing.
Part of my problem is I'm a big proponent of buy once, cry once. I just bought the warthog HOTAS after using x52 for 2 years, and I'm kicking myself for not just getting the warthog from the beginning. I didn't save money in the long run.
Unfortunately, it looks like the Open Sim Wheel is the warthog of the racing world. But cheapest I can find people building them for is about $1k. And that's not including pedals. I read you definitely get your money's worth, but I'm worried I'll find out I prefer flight sims to racing. I'm a pilot by trade, but I also like fast cars. Can't drive mine fast legally, just like I can't fly my airplane like I can in DCS... LEGALLY.
Hrm... priorities, priorities. Sims sure ain't cheap!