A power rack is definitely a good investment. I had to look up the one you listed, it will work for you now but is a pretty cheaply made rack. If you are anywhere near a major city in the US checkout craigslist. Put in power rack, power cage and squat rack as people list them under all three.
You should be able to find some Body Solid, Weider, Tracker and Body Craft brand racks which are a step up from what you are looking at in terms of how they are made $200 or less is a good deal, $250 to $300 is about average and a lot of them will come with a bench included. Sometimes you can pick up some plates in the deal as well.
I got the rack is this video for $50 and it has served me well for over 5 years