Ok so the PS4 console ($399 for regular or $499 for PS4 Pro), the wheel depending on brand can be anywhere from $150-$1400, the one I currently use is a Logitech G29 which I purchased for $299 on sale, then the game is $80ish.
I have a cockpit rig, but all you really need to have the same fun, is a desk and comfortable chair, which is what I was using before the rig was purchased. So all in all you're looking at about a grand by the time you get set up. Now if you do want a cockpit rig like mine, you can add another $800-$1000 depending on shipping.
So yeah its not really cheap, but then again you can drive almost any car you want, all year long!