Even the new X-Box (X-Box One series) is much cheaper than that. And it has very good exclusive titles. For example Forza Horizon 5.
I used a PS2 and a PSP in the past, but nowadays I would rather go for an X-Box One, if I would still play video games that much. Nowadays I play games mostly on my Motorola Moto G22 (Android 12) smartphone.