You start there. You can get a wii (not wiiu) for less than 100 bucks now. Then, I would invest in some games and extra wiimotes, nunchucks. If you keep your eyes on slickdeals, game stop used, and ebay, for another $100 you can get a ton.
This is the power of the Wii...low learning curve, you can all play together, but after about a month, they will know it enough to play without you.
Then, as they start to become more familiar with the system, you can "upgrade" to wiiu if you think it's worth it.
One thing we did that I love is from the beginning, Saturday was the only wii day. And how much time they got ranged from 30 minutes to3hours depending on behavior during the week. It has been verymotivating.
Games I would suggest for this age: Kirby epicyarn, super Mario galaxy2, Mario kart, disneyuniverse, Zelda skyward sword (if you get far enough, they can justexplore the world's you've uncovered), Madden if you're playing with them, sports resort, super Mario bros /(if you're-playing with them).
And there are others I can't think of right now. There are a lot of games like Kirby where you never really "die" but just get a penalty and keep going.