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If you have the money, my advice would be to just pay for the subscription. The benefits are 100% worth it IMO.
But if you don't want to pay for VIP, yes, you'd have to buy all the content after level 95. Quests and expansions are two separate things. But you don't necessarily have to spend real money if you're willing to grind Lotro Points.
So a VIP Sub for $14.99 USD (1-Month) + two - $39.99 USD Expansions = $94.97 USD for all of LOTRO's Content right now in August 2024.
It depends. If you use the free store points you earn in the game or get via your sub, expansions could cost you No Money at all.
Or you could go to the online store and buy the most expensive version for $130.00, but generally the base versions go from $20 to $40 dollars or about $20 worth of points in the ingame store.
PLUS you'll always want to look for content sales. I picked up a bunch of expansions for $5 (99 pts) during their various specials, but on average it's generally just 25% off, stuff like that.
Don't buy things until you're at least AT that point to which you can actually play it.
The more Content you have access to, mostly the Quests, will make the process to "naturally" Level much faster than if you don't own Content.
Back when Level 130 was the Max Level we even had 1 Player at the time go from Level 1 to Level 130 by Farming + Cooking.
Because previously, you couldn’t see stuff that you had from vip - for example when expansions were being sold for 99 lotro points, vips couldn’t see the ones they didn’t have permanently.