Oh hell no, you won't have to spend that much. I just purchased my wife a setup and it cost $50 plus the first bottle of fluid free. I would spend a little more than that if you plan to do it for a while. Hers has a built in tank. I would suggest getting one where you can change out the tank and also where you can adjust the voltage (strength of the hit). Like
@Trouty said you can get started for $80-$100 and then it gets very cheap. The fluid lasts a long time compared to smoking. I could spend less that $20 on a bottle that would last 2-3 weeks.