Racing simulators comes in all sorts of shapes and sizes depending on how much money you want to spend. A few hundred bucks will get you a nice off-the-shelf steering wheel, while a few hundred thousand will get you a complete motion-ready F1 cockpit with three screens and a seriously immersive experience.
But just how much do you get for your money? made a nice video comparing racing simulators of various prices, starting from a reasonable $1300 setup all the way to a $1.3 million dollar system.
While the cheaper setups provide plenty of entertainment for the everyday enthusiast, they don't include some of the key features needed for racing drivers to truly feel out a new track or car setup. Some of the more expensive simulators come with moving cockpits, realistic steering feedback, huge multi-screen displays, and even helmet-mounted g-force generators to make you feel like you're actually taking that corner at 100 mph. Plus, there's all the data and telemetry feedback you could ever want.
If I had the cash, there's no question I'd have one of these setups in my basement.
Here's the kind of movement stuff we're talking about.