I have never paid remotely that much for any cycling kit, and never will.
(regardless of whether I can afford to or not, I just choose not to.)

I think the most expensive thing I've ever bought was DeSoto 400 Mile bibshorts, but even those were bought on sale, for like 25% off, so call it $150.
And those damn things are comfy and LAST FOREVER.

So - that was $ very well spent.

I've also had Pearl Izumi & Castelli stuff that's held up seemingly for a decade, so those are quality buys too - especially on sale.
(Have a Castelli Perfetto jersey w/ light Windstopper front panel that is the shizzit on cooler and/or windy days, without needing a vest.)

And ever since Al Gore invented the Interwebs, there's never a reason to buy anything NOT on sale.

On the other end of the spectrum, I have several pairs of SLS3 Tri shorts I've bought when the have their seemingly monthly Amazon sales.
Got them for like $40 - but even at "full price" (whatever that actually is) they are a screaming good deal.
I don't think I'd do a century or and IM in them, but for a regular 1-2 hour ride, they're just fine.
So far also seem to be holding up quite well too.

As for bike jerseys, other than the Castelli mentioned above, I don't think I've ever paid more than maybe $50-60 for a jersey. **
And you can get them on sale all over creation for like $25-40 a pop.
Wicking fabric, zipper, 3 pockets. Done.

** Edited to add: so, no sooner do I post this, then I decide I need an aero bike jersey for my race on Sun.
Got a Castelli AR 4.1 for $75, delivered - 50% off retail.
Why pay more??

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float , hammer , and jog