I will probably be shot down in flames for saying this;
although the obvious answer would seem to be yes, this is not always the case.
Why pay $ 500 for a cover when you have no idea if you will even sell a dozen
books? Great covers catch the eye, and help you sell books but ultimately it is
about the quality of the writing. If that is missing great covers alone will
not do the trick. Together with great writing - and a lot of other factors such
as marketing, promotion and a good dollop of luck - great covers can lead to
Do the best you can, within your budget. If you start to
sell well, and you want to achieve greater sales, that is the time to start
splashing the cash on the cover; you can always change the cover any time you
want to. However, with so many ebooks available at $0.99 ebook sales do not
generate much money. To recoup $ 500 outlay you would need to sell 1429 books
at $0.99, something not that many people achieve.
If you don't want to design the cover yourself try a service