All welders and tools have there place and areas where they excel, but for me tool #1 in a primitive metal working shop is a buzzbox stick welder.
My advice: Start searching Craigslist for a Lincoln AC 225 (some have DC125 which is even better), Miller Thunderbolt 225 (Some have DC 150 which is even better), or a Hobart Handler 225 (Some have DC 160 which is even better). An AC only welder will sell for $125-$150 used or less. Models with DC will cost $225-$275 used but worth it if you can swing it. Any of these models rarely break and will still be working for your grandkids.
One you have the trusty buzzbox then pick yourself up 90 feet of 3 wire 10 guage SO or SJ type extension cord and plug it into your range receptacle for now - or you can add a circuit. You can reference the Lincoln manual yourself and see it is okay to run the welder up to 90 feet off of 10 guage wire if you choose not to believe me. 90' will give you plenty of length to weld in the yard (which is where I do all my welding). Stick welding also shines in welding outside where welding with MIG and shielding gas does not work well in windy condtions. Consumables for stick are none whereas with MIG they really add up.
A buzzbox welder is about the cheapest tool you can have in a primitive metal working/welding shop. Really the only thing it can NOT do is weld metal thinner than about 16 gauge. Will it always be the best choice for a given application - maybe not but it can do it and do it cheaply. It is more versatile than a simple welder alone as as it can do much more than weld:
a) As stated the buzzbox can weld metal 1/16" thick and thicker metal easily.
b) It is also a primitive cutting tool - throw some 6011 in the stinger and crank the amps up and you have a way to cut metal or pierce holes in metal cheaply. Cuts will not be plasma quality but hey we are talking cheap here.
c) Make or Buy a Twin Carbon Arc torch and you have a way to intensely heat metal very hot for bending, loosening frozen parts, brazing, silver soldering, flame fill weld, etc. (Actually Twin Carbon Arc can potentially up to 1000 Degrees hotter than oxy/acetylene but it will NOT cut metal like oxy/acet can). And Twin Carbon Arc will do it for the mere cost of electricity which is peanuts compared to buying/leasing tanks and buying acetylene.
d) You can even stick weld aluminum in a pinch too.
e) If you get a DC buzzbox then it is even possible to add a budget TIG torch for scratch start Tig but it will require buying an argon bottle and regulator too.
For as little as a mere $125 investment you have a very versatile tool that will never depreciate any further. The same buzzbox that you buy used today For $125 or so will still be worth $125 or more 10 years from now as I said they rarely break. While a buzzbox is not the ideal tool for a pro level shop they are very hard to beat for a backyard shop especially on a per dollar invested basis. (In comparison: Please show me how much work you can do with a mere $125 towards oxy/acet?).
Here is Link to a condensed an informative Twin Carbon Arc thread that I have posted several reference links within.
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