That's an interesting thought but the experience of driving a car recklessly in a game is much cooler than driving a car in real life!
The local brands are available at a very lower price. You can also buy it online as many sites are offering amazing discounts.
I honestly think that these sets are just incredibly expensive. Too expensive, I might add, for the average game to actually enjoy the game. And a steering wheel wouldn't be enough to add to the "simulation", you would need the seat, the multiple monitors to simulate the side windows and front, and you even need pedals to control the accelerate and breaks. But that's what you are going for, though, realism, and in gaming, realism often comes at a steep price.
Even worse is even when you spend a lot and get the full set and three monitors you'd still probably feel the flaws such as the borders of the monitors and you'll want to get the curved tv which costs an arm and a leg. I suppose the ones who are content with the basic set up of just pedals and a monitor and a seat won't have this problem as much.
For people really into racing simulators I think that a full-fledged setup is great. It really helps immerse yourself in the game, especially with how realistic games can be nowadays. That said, even with just a steering-wheel, you can still have a immersive gaming experience.
