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The best way to kick off your sim racing hobby in this price range is by starting with a bundle. A bundle includes everything you need to start: (Wheelbase, Steering Wheel + Pedals)
Below, you'll find our recommended equipment:
Alternative 1:
Moza R5 Bundle
Key Features:
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Price: 479€
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Direct drive wheelbase
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5Nm of force feedback
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good build quality
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interchangeable wheels
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good ecosystem

Image Source: (www.mozaracing.com)
Best Option:
Fanatec CSL DD Bundle
Key Features:
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Price: 400€
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Direct drive wheelbase
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5Nm of force feedback
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good build quality
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interchangeable wheels
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great ecosystem
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pedals and wheelbase can be upgraded

Image Source: (www.fanatec.com)
Alternative 2
Cammus C5 Bundle
Key Features:
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Price: 329€
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Direct drive wheelbase
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5Nm of force feedback
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decent build quality
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wheel is fixed with wheelbase
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cheapest option

Image Source: (www.cammusracing.com)
Fanatec CSL DD Bundle:
This bundle has by far the best upgradability. You can buy a Power Supply upgrade for the wheelbase and bump up the force feedback strength to 8 Nm. Although this seems like a minor jump of 3 Nm, this makes the wheel feel alive. In addition to the wheelbase upgrade you have lots of wheels to choose from the ecosystem and further down the line you can upgrade your basic set of Pedals with a loadcell Pedal.
Moza R5 Bundle:
Also, a great wheel and Pedals. But it lacks upgradability compared to fanatec. If you want more power in your wheelbase you must change it and buy a better one. This is the same for the loadcell Pedal. An upgrade is only possible when exchanging the complete Pedal set.
Cammus C5 Bundle:
This is the cheapest option of the three and offers good force feedback. But compared to Fanatec and Moza it lacks upgradability and an ecosystem. Since the direct drive motor is attached to the wheel, you cannot change your wheel style and the shifter Pedals feel not as great as the ones from the bundles above. Similar to Moza you need to exchange the complete Pedal set to get a loadcell Pedal further down the line.
Here are your setup choices:
To elevate your sim racing experience, investing in the right additional equipment can make a significant difference in immersion, comfort and performance. Beyond the essential components like a wheelbase, steering wheel, and pedals, a thoughtful decision about your cockpit- and display-setup can bring you closer to the feel of real racing.
When Racing on PC the simplest and cheapest option is to mount your wheel directly to your office desk. The Moza and Cammus Bundles include a table clamp that allow a secure attachment to your desks. For the Fanatec Bundle you need to buy an additional clamp on top of the bundle. Your Pedals are then placed directly on the floor. On a carpet floor the pedals generelly stay in place while driving. Although the actuation force of the pedals is quite low, on a very smooth surfaces it can be annoying that your pedals move slightly.
A small upgrade can be provided when using a Wheelstand. A Wheelstand offers a mounting both for your wheelbase and your pedals. Preventing the pedals from moving is the biggest benefit here. Another benefit for you could be that you can move your setup easily around. However it takes up space when not in use and you have to use a separate chair to drive. While a Wheelstand provides a stable mounting solution the upright seating position is far from being realistic and comfortable.
The third and most advanced setup is an aluminium profile rig. If you want the most immersive experience go for this option. With an aluminium profile rig you have a very rigid cockpit that does not bend or wobble when racing. It also includes a comfortable racing seat and creates a seating position that is similar to real live racing cars. A profile rig has also the best customizability. If you want to add additional equipment to your setup or want a new wheelbase later down the road, you can easily stick to your existing cockpit. The only downsides are that you need a separate space and the price is alot higher to the two options above.
Below you can compare the three versions:
Setup 1
Beginner Desk Setup
Key Features:
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Price: ~ 0-100€
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Table clamp to mount your wheelbase
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Pedals are placed on the floor
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Recommend for Wheelbases up to 8 Nm
Pro's:
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simplest and cheapest solution
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no additional space requirements
Con's:
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pedals are not fixed and can move
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upright & uncomfortable racing position
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least immersive setup
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using loadcell pedals is not possible

Image Source: (www.logitechg.com)
Setup 2
Wheelstand
Key Features:
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Price: ~ 100-250€
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Built in clamp for Wheelbase mounting
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Pedals are mounted to Wheelstand
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Recommend for Wheelbases up to 8 Nm
Pro's:
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mounting solution for wheelbase and pedals
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setup as a whole can be moved around
Con's:
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additional space for storing is required
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upright & uncomfortable racing position
Recommendations:
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Next Level Racing Wheelstand 2.0
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GT Omega Apex Wheelstand

Image Source: (www.nextlevelracing.com)
Setup 3
80-20 or 80-40
Full Aluminium Cockpit
Key Features:
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Price without seat: 380€ - 850€
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Price with seat: 800€ - 1350€
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completly customizable
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Wheelbases with 30 Nm can be used
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Loadcell Pedals with forces up to 200 kg can be used
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Both formula and GT style seating positions are possible
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monitors can be integrated in the setup
Pro's:
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very rigid mounting equipment for all of your equipment
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very customizable
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realistic racing position with a comfortable seat
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cheapest complete cockpit
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you can do it yourself and safe some money
Con's:
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a separate space for the setup is required
Recommendations:
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Do it yourself
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Trakracer, SimLab, Treq, RSeat

Image Source: (www.rseat-europe.com)