I'm not sure exactly how much I put into the upgrade, but I'm sure it was less than a $1,000.
A good set of batteries and an upgraded controller will cost more than a grand. Not to mention a motor, solenoid, and a charger.
You don't need eight new batteries if you can add two to the existing six on the 36 volt. A new motor is not necessary. You can swap out a 36 volt charger for a 48 volt charger with folks who deal in them (I did). You do have to get a solenoid, F/R switch, battery cables, fuses, and controller. As mentioned earlier, I spent less than one grand upgrading my buggy. Like with anything else, you can spend whatever you wish for higher performance... but it's not necessary for this upgrade.