Because that's quite a bit of money to drop off. I can get a boss loop station 50 on ebay for 220, which is nice, but I just want to make sure there's no other loop pedal.
There are many other looping pedals...
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Listen to the man, he's Jewish.
The cheapest loopers are the Boss RC 2(?) and the Digitech Hardwire delay I think has some kind of looping function. But those are both with only one switch so they're a little more limited. Both are under $200 new though.
I have a huge fear if rays.
The new Digitech HardWire DL-8 is a looper/delay pedal. I believe it can store up to 20 seconds at a time.

If you want a more dedicated looper pedal I suggest the Digitech Jamman. I sold my Boss RC-20 for it and I have to say it's better in nearly every way.
They can be had for $200 and less if you look around (eBay, craigslist, forum classfields).