Yes, that doesn't include the subscription either. iRacing is by far the most expensive racing sim out there. All prices here are in USD excluding local VAT here, I can't be bothered to convert it and they only show USD on their website. When you do get a subscription ($13/month, $33/3 months, $110/year or $199/2 year, 40% discount for new memberships for all of them) you get 18 cars and 18 tracks included. Those cars and tracks are only really useful if you only want to do the Rookie races which I wouldn't recommend. The people who do Rookie races are generally really, really bad. I've seen people crash the slowest cars in the game on a straight with no one around them.
Once you get your D license, you pretty much have to buy more content and this is where you give them your wallet. Each car is $11.95 and each track is $11.95 or $14.95 each, most of which are $14.95. You don't need to buy all content, you just buy what you want. Of course, the more you buy the bigger of a discount you get as a "bulk buy" bonus. Total price of everything including that discount but excluding local taxes would cost over $1500.
iRacing do have a monopoly on this type of sim racing though. There's only online racing, no AI at all and there's no competition for this type of game, at least on PC. The closest sim to iRacing as far as gameplay goes is Gran Turismo Sport which is only on PS4.