A lot of people get hung up on the price. There's much you can do to relieve that pain. The biggest thing I found, besides the group discounts and iRacing codes, is to realize you do not need everything.
Every game has the goal of moving all the way to the highest level, unlocking all the cars, tracks, etc. In iRacing, that's not exactly true. In fact, some of the most highly competitive series are low to mid range cars.
There's no denying the game is expensive. But that price gets you constant updates, a say into the development and schedules, and the best racing experience you can find outside of real life. And once you make it past the initial start up cost (which can be as much or as little, as quickly or slowly as you like), the cost becomes inconsequential.