Financing Machine Tools

strantor

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It took a few years but I found my Bridgeport clone on a Facebook buy/sell group for $500. It needed some work but maybe you can find something like this that would fit in your budget. And you might be surprised how much work comes your way once word gets around. I have an Amish community near me and they bring me repair work to do 2-3 times a week. It's nice to get some of your investment back.
I've been eyeing those facebook groups and Craigslist daily for years. In my area, I have never seen anything remotely close to that price.
Around here, going price for a 30 y/o thoroughly thrashed bridgeport clone is $2,500-3,500.see for yourself
I saw a new ad pop up 2 weeks ago, what appeared to be an actually half way decent 1990's model 2hp machine pop up for $1,800. That's about 1/3 the norm, so I called to see if it was a typo. The machine was already sold and already picked up. The ad was only 6hrs old.
I've been counting on having to pay something in the $5k-$7k range for the mill and the rest is for tooling.
 

Cobra

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For a hobby, I would not finance toys. If the cash flow is not there to grow a savings account, it is not likely really there for loan repayment either.
On the other hand, financing from for a business can make good sense if there will be cash flow from the business to cover the loan.
 
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paypal credit at 27% is a rip off...

I have been very happy buying things on Ebay with 'Paypal Credit' Worth a look. Most items are six months no interest. Also shop credit card interest. We have a Cabelas card with very low interest. Bonus is 'Cabela's bucks points' We use the card to 'auto pay' our utilities & pay the balance each month usually. Over the last few years I have bought SIX nice black powder revolvers with my cabelas bucks.
I hate paying any interest with my low retirement income. But if you play your cards right the pain can be mitigated somewhat.
Like others say, I think you can get one heck of a nice mill for a fraction of your stated goal. I've seen some beauties in the 3 grand range.
 

strantor

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For a hobby, I would not finance toys. If the cash flow is not there to grow a savings account, it is not likely really there for loan repayment either.
On the other hand, financing from for a business can make good sense if there will be cash flow from the business to cover the loan.
I feel the same way. In my book the only thing (other than business needs/performing assets) that should be financed are houses (which technically are performing assets, assuming they appreciate). That's my opinion but I'm getting really impatient.
I know people who finance everything they own; furniture, computers, cell phones, even the dishes in their kitchen. I cannot imagine living like that and I don't want to go down that road. But dangit I want a mill!
All I had financed was my house and one of my two cars but then I recently financed a TV and a riding lawn mower, and I'm feeling a sinking feeling about that already.
Honestly I think that, as bad as I want a milling machine, having that debt looming over me is going to take all the fun out of it.

I think this is a healthy discussion for me. It's making me put my thoughts down in writing, which for some reason makes them less abstract than when they reside in my head. Bouncing them off you guys for a voice of reason is great too.
I think I'm talking myself out of financing a mill right now.
I guess I'll go back to trying on wild ideas of making a mill from scratch out concrete and other bizarre crap. Or maybe just pull my head out of my ...where it currently is... and save money like I mean it.
 

Tony Wells

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I have a lead on a couple of BP's, should become available within a couple of months. Prices here are much better than around the Houston area. Keep saving.......
 

David S

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Strantor do you really need a BP? Is it possible that you could start with something else and do what you want to achieve? I am not sure what other machines you may have but having interchangeable tooling can be a big asset to cut costs.

Just a thought.
David
 

strantor

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Strantor do you really need a BP? Is it possible that you could start with something else and do what you want to achieve? I am not sure what other machines you may have but having interchangeable tooling can be a big asset to cut costs.

Just a thought.
David
No it doesn't need to be a BP. I'm also looking at the asian machines, especially the PM932.
My other machines are:
logan 9" lathe (fully functional)
Imperial 18" lathe (restoration project)
 

mce5802

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Oct 28, 2014
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I've been eyeing those facebook groups and Craigslist daily for years. In my area, I have never seen anything remotely close to that price.
Around here, going price for a 30 y/o thoroughly thrashed bridgeport clone is $2,500-3,500.see for yourself
I saw a new ad pop up 2 weeks ago, what appeared to be an actually half way decent 1990's model 2hp machine pop up for $1,800. That's about 1/3 the norm, so I called to see if it was a typo. The machine was already sold and already picked up. The ad was only 6hrs old.
I've been counting on having to pay something in the $5k-$7k range for the mill and the rest is for tooling.
Try Spartan Machinery in Detroit...he offered me a real good deal on a Bridgeport when I was looking for parts for my comet. I was thinking he said around $700?. You'd have some shipping, but still nowhere near $3000. I got his number from HQT in Ohio. Both real good guys to deal with. Might be worth a try
 

Chipper5783

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Do NOT finance a hobby. There is no end point. There is no enough. If it is so all important, figure out a way to trick yourself into saving.

Like you, I only borrowed to buy my house, never for anything else. I've been in the game a while and my debts are in good shape.

Like BobK says, I can afford to buy almost any shop item I feel like, because I didn't cave into buying any shop item I felt like.

For my first machine, I paid cash at the dealer. It was a nearly new lathe and I over paid. I have since bought 5 or 6 more machines and all put together they cost me about what that first lathe cost me. For goodness sake, you have a working lathe, a good project machine (probably many projects) and a life. Get serious about saving $$.
 
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