For the immersion factor, remove the silly wheel and driver's hand animation, set your FOV up to around 50-60 degrees, and set your monitor up directly behind your wheel controller. Get a chunk of OSB or plywood and raise and angle your pedals a bit with a platform. Attach a 2x4 to the front and a 2x6 or 2x8 board to the back of the plywood for the angle. Then your view and feeling in the feet will match better to real life looking directly out the front of the windshield. Your "car" will be comprised of your office chair, the angled pedals, the wheel controller, the space between the wheel and monitor is the dashboard area, and finally, just enough of the gauges are displayed and your FOV will give a more proper perspective of what you would really see (ie. the view isn't stretched unproportionately out in front of you.) Learn to use the view left/right buttons and use them frequently as you won't be able to see your side mirrors anymore.
That is my "cheap cockpit" solution sitting down at office equipment and racing.