Well to R&R a steering rack, and excluding any other damage, it looks like from the books about $850 in parts + maybe 3 hours of labor. Of course, there may be other bits and pieces that need doing while you are under there. So figure at least $1,000 dollars, plus bumper and fog lamps, plus alignment, plus any other front end or steering arms, tie rod ends, hub seals, belts, fluids, etc. etc.
So you have here maybe...what...a $4,000--$4,500 car? If it was a nice car, might be worth up to $2,000 in repairs. You can't buy much for $2,000 in a used car, right?
But this is the kind of situation where you need to really control costs and make sure you go step by step before you jump in.