Frugal or Foolish?

I'm contemplating the purchase of a meat slicer and a horizontal loaf bread machine so that we can avoid $6/lb deli meats and $2-4/loaf bread. Units seem to be available for between $50 and $100 for both, depending on new/used/refurbished and how many bells and whistles.

Has anyone used similar logic to make a similar purchase? Was it good or bad?

And is the deli slicer that much better than a sharp knife?