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Blkout is right on point with his question. He makes a very good valid point. I have some more questions, and lets not forget Thrustmaster series wheels. For the record, I am a G27 user, single 32 inch tv, next level wheel stand, and PC only user. I love the way it works and how it handles.
Fanatec or Logitech? With your budget, you could go with complete set of Fanatec csw v2, and have some more for one or two of their nice selection of their racing wheels like that amazingly looking F1 wheel
Do you want to surround yourself in a cockpit with all the gadgets (such as digital wheel plate dashboards, temps gauges, etc...) custom wheels (real racing wheel), pedals (modded pedal set or high end pedal sets), shifter (custom shifter nobs)?
Are you comfortable with a single monitor/tv? Or would you go for triple screens, projector or the new DK2 Oculus Rift?
Are you comfortable racing in a average office chair/couch/folding chair/etc...? Or would you prefer a racing/gaming office chair or a race car seat/actual average vehicle seat?
Is your desk or table comfortable and stable enough for your wheel? Or would need something more suitable for you wheel such as; wheel stand pro, Fanatec wheel stand or cockpit, next level wheel stand or cockpit, playseat, and other big names... or you could build one yourself, with either a half-made cockpit - a base for your racing seat mounted to your wheel stand (if possible. I did. Very easy to do with my next level wheel stand using a wood base) or build your own full cockpit.
Are you interested in using a buttkicker, simvibe, next level racing motion platform (low budget), full racing motion simulator (high budget)...?
Good selection of wheels for every budget; Driving Force GT (very good just-starting-out wheel and good long term reliability); logitech G27 (the best in terms of reliability. Very good responsive FFB especially when setup correctly in the logitech profile and in game settings); Fanatec (some of the best FFB! As per customer reviews, low to medium reliability. There seems to be more unlucky customers than there are lucky ones); Thrustmaster (the same info I wrote for Fanatec can be said about Thrustmaster); High end wheels that cost as much as a used car but provides THE best FFB on the market.
No need to go over budget, feel bad or left out because someone speaks poorly about your type of wheel. These wheels generally provide you almost the same thing, which is accurate (some more than others) FFB and reliable information coming from the game, through the wheel, to the sim driver. However, each wheel has its own unique features. Some are really strong in performance and others really does get the job done in a good way. Just purchase all the sim racing stuff on your wish list that you can afford and appreciate.