Ok guys, I really need help deciding what tool to purchase next. I know a lot of advice on new on tool purchases is based on what projects are comming up. Here is my situation, my wife has plans picked out for a set of bunk beds that are mission style and will require a lot of mortises. I have never done much with mortises. I have usually used biscuts when possible or pockets screws. My shop is in need of a drill press. As well, I have made due in various ways with out a drill press (i have a good friend that treaches basic woodworking at the local high school and in a pinch he lets me use some tools, but they do not have a mortiser). I was hoping to get lucky with the MS cash back deal again but it is looking less and less likely. And as the avid bargin shopper as most of us are. I have been intrigued with the jet floor mortiser JFM-5 at JetCPO for $499.99 -$150 in rebates + shipping 29.99 = $379.99. Orginally I thought about just a bench top model, because floor space in my shop is at a premium, but with the great price on the floor model it is more and more attractive. I have also been interested in the steel city drill press which is being sold by a local distrubitor for $469. I know I can make mortises with the drill press and twist bits and then clean them out with a chisel. I also know there are about 1000 different methods to creat mortises. I also do not like to by cheap tools, I have been burndt by craftsman and other brands too many times. So if I am going to buy a tool I want it to be the last one I will buy of that nature. But both tools are not in the cards at this time. LOML said I could by a new tool for the project but not 2 of them, I already snuck in a band saw under the radar so I am pushing it with this purchase.
I forgot to add that I have been scouring craiglist around here for month and nothing decent ever comes up and when it does they want a ton for a used tool. Lots of bench top drill presses that have seen better days, and a jet bench top mortiser that was used but the guy wouldn't go below $200.
So do I purchase the drill press or the mortiser?