You can get a Traeger Jr. factory direct for $400 shipped. I love mine! If you have trouble keeping the temp up in very cold weather they do sell an insulated cover/blanket for it for another $100. The Traeger will produce a very nice smoke ring and excellent flavor with zero fuss. All you have to do is periodically dump more pellets in the hopper. Pellets run around $20 most places but I have a local store that sells them for $15 (this is for a 20 lb bag). When smoking at low temps you get about an hour out of each pound. High heat requires about #2 per hour. My Jr. hits around 350-ish degrees F in cool weather.
If you want lower cost of use, I can wholeheartedly recommend Smokin-It electric smokers, too. I have a Model #3, the largest, but the #1 would be well within your price range. They're electric but very well insulated and hold their temps even in cold weather. You won't get much smoke ring but that's really just for looks. Even the KC BBQ judges don't judge on smoke ring anymore.
The Traeger will cook hotter than the electrics and you get that nice smoke ring. It still requires electricity to run; it has a motorized hopper that runs a pellet auger as well as a fan in the burn pot. The Smokin-It (or a Smokin' Tex or Cookshack, for that matter) will be cheaper to run. They're also very tightly sealed and result in moister food.
Which to choose? I use both and would hate to part with either one! If you don't mind buying pellets the Traeger has an edge in versatility as you can grill burgers & brauts on it. It doesn't get searing-the-food hot but works fine for light grilling. I've done ribeyes on my Traeger and they were tasty but you can't really do anything but well done.
Traeger is offering factor direct multi-pay too for the holidays. When I bought my Jr. I got to pay for it in three payments of $133 spread out over three months. Now they even offer 5 payments for the larger, more expensive ones. This might encourage you to buy a bigger Traeger than you otherwise might. Traeger also pays shipping and there's no tax. Shipping on my Smokin-It #3 was over $100!
Both are great smokers, each has certain strengths and weakness. Both will produce some danged good BBQ!