now is probably a good time to get a MS wheel - as they are pulling out of hardware a lot of retailers are discounting heavily.
I picked up a FF Sidewinder stick with 40% off in a sale recently
As for racing games, all my favourites are quite old now, but that also means they are cheap
Colin McRae Rally 2.0, Rally Trophy, Grand Prix Legends (with all the add-ons) are great fun and can be had for very little money. All still look good by todays standards.