I played a couple of Engels over the summer that I thought were fairly respectable in that price range. I too found one rather surprising. The setup is critical on these, IMHO. I would personaly draw the line when it comes to serious use of these for classical work but, for now and then gigs in the right venue, it will probably suffice.
For my money, I'd stay away from Engel cellos. There are a lot more cellos available out there than there are basses and one can buy a decent fully carved cello (probably Chinese) for $1,000 to $1,500. I started out on an old Kay beater rental cello (Kay is the predecessor company to Engelhardt) back in 1977 and was so happy when I bought a fully carved used cello for $1,200 several months later. Kay/Engelhardt cellos are best left in high school settings.