Chris,
To a certain extent. I had about $23,000 into mine..... All depends on what approach you want to take....

Budget weekend racer wanting to tail the field and finish top 8 on a good day can buy a worn out midget and a junkyard motor for $6500-10,000

Weekend racer who enjoys running up front and having nice components/fresh motor/somewhat newish car can look to spend anywhere from $15-25,000.

I've seen both ways and if I'm gonna throw money away I'd prefer to have nice quality stuff and run up front.

And that's not counting spares, tires, etc.