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Over the years, I learned that cheap tools don't work well or last very long . Just when you need it the most, the cheap tool will fail. True craftsmen can create fine furniture using nothing but a brace/bit, hand saw, and coping saw. For the rest of us, the better the tools . . . . the better the finished product. In the past 20 years, I have restricted my tool acquisitions to more durable, long-lasting, and higher-quality pieces.
The crowning additions to my home shop are the Motorcycle Table Lift, 12x36 lathe, 42" Bridgeport mill Tire Machine, and Wheel Balance Machine. One cannot imagine how useful they have been in my hobbyist endeavors. I find uses for each that I didn't even have before they entered the picture.