I have both a cheap wire feed and an old arc welder I've had for over 30 years.  Damn hard to beat the versatility of an arc welder.  Some say they aren't worth squat.  I love my little wire feed, but sure wouldn't get rid of my arc either.  I can weld some pretty heavy stuff with my arc welder, and my little MIG is only really good up to about 3/16.  They were both very inexpensive, each under $200.00  If I could only have one, it would have to be the arc welder though.