I only paid $450 for mine (on eBay - it's normally $525 at Home Depot/Lowes). But you also have to take in account the cost of the tank (unless you decide to just lease it, which I think is still like $50 a year). But buying it outright is roughly $225. Check craigslist for used welders, you can find good deals on them. The Hobart 135, from what I have read, is also a good welder for the price.
My first welder was a cheapo welder I bought on eBay. The brand was Speedway Series. It was just a flux-core welder, it didn't have the MIG option. But I ran that thing into the ground. It is what made my bed, bumper, and other various things. And it was only $170 brand new. It still worked when I gave it away, but it had two wires stuck inside the hose, so I couldn't get a new wire to feed through without jamming it up. But if those two wires weren't in there, it still would have worked just fine.