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Baby Cradles are an old fashioned staple for a baby's place to sleep. They are decorative as well as useful to help put the baby to sleep because of the rocking motion they provide.
They will only provide use for the baby's first few months as cradles are made mostly for when babies are infants. So it is a matter of preference whether to invest on one or not. You could also get a bassinet, which provides the same purpose.
Prices can vary on cradles; so again, it's up to you and what your preferences are. It will ultimately depend on the decor you have in the nursery and on your spending budget. Cradles are made of wood, so if that's the look you want then this will work and then later can be replaced by a bigger crib, also made of wood.
*To get an idea on what cradles look like and what their prices run you can look at this website, or also on Amazon.