This is a 1937 Cadillac Series 60 V-8. $1,555 in today's money is about $30K so yeah, probably a "cheap" Caddie relative to other Caddies.
However, the average price a new US car in 1937 was $750 -- so this Caddie was still pricey back then, 2X the average sled so you still needed to have plenty of lettuce for one..
The average US car today is about $40K, ad the average Caddie is about $50K today.