We were there a total of 9 nights (3 nights Fes, 2 nights near Erfoud, 1 night Ouarzazate, 3 nights Marrakech).
Our total price for three people was GBP3785. That included r/t airfare from London, airport transfers, our car rental, all breakfasts and most dinners (6 of the hotel nights were on half-board basis). Also a single supplement for the third person (me).
It could certainly be done for less -- we rented a very expensive vehicle because we wanted lots of room and 4WD for snow and sand. We also stayed at La Mamounia in Marrakech, which is quite expensive (but worth every penny).
Our trip was in November 1999; prices and exchange rates have no doubt changed.