My experience, including Japan (both in person every couple of years and yahoo auctions), is the opposite.
Loose Hucards are cheaper, but loose is lame
Maybe it's all about perspective about what 'expensive' is. I mean we're not talking Mega Drive Vampire Killer, but so many top games (eg Spriggan, Air Zonk, Magical Chase, Lords of Thunder, Gate of Thunder, Coryoon, Ninja Spirit, Hellfire, Kaze Kiri, Rainbow Islands, Bonk 3, Faussete Amour, Sylphia, Renny Blaster, Sapphire... the list goes on) are $100+ games.
I'd say if the cutoff is $100, most of the top 20% of the system's best games are inaccessible outside of outright piracy.
I'm not someone who whines about prices, they are what they are, and I have a pretty good collection already, but I would probably consider a decent collection prohibitive if I was starting now.