Here's my story. I'm a professional longarm quilter. I bought my machine with the express goal of practicing diligently, learning well, and becoming a professional. I bought it with cash and with full knowledge that I would be paying myself back for a couple of years. It took 2 years of income to pay for the machine and all the startup costs.
Most longarms (with throat over 18 inches) start at more than $15,000. That doesn't include training, classes, books, DVDs, rulers, pantographs, batting or thread, and of course you will need plenty of all of those things. (We do like our toys!) The startup probably equates to about 100 bed quilts quilted. You will need room for the longarm and thread and batting. Face it, that's a whole room.
I think this question really depends on so many factors. Ask yourself these questions.
Do you have the money without going into debt?
Do you have room for it?
Do you have the mechanical ability to learn to maintain and repair the machine when parts need to be replaced and things go badly?
Do you have the time to devote to learning how to use and maintain the machine?
Do you think you would like to quilt 100 quilts?
It really is a personal preference. If you have the money and you will use it a lot, in my mind that's plenty of justification for buying one.
I love it. My time spent at the machine is golden and magical.
Please let us know when you decide.