I definitely wouldn't buy an overpriced hitch rack either. I've only bought and use appropriately priced hitch racks.
That Solo rack works well and is really small and lightweight. One thing I've done using such racks is to put adhesive clear plastic over the places where the rack contacts the paint on the car. Even though the pads are soft and won't mar the paint themselves, dirt and grit that gets between them and the pain eventually will. Do the same for the top tube of your bike if you are concerned about it.