There is a bit of bad info in the above posts. Let me try to help.
There are two different types of machines being discussed. Both are "arc".
A stick welding machine can be had for around $300 - a little less for DC only, or a little more for AC/DC.
A wire feed machine can be capable of either MIG (metal inert gas) and flux-core. The easiest process to learn is flux-core, but it has its drawbacks: The wire itself is more expensive and is most readily available ony in diameter of .035 in. Because of the way the flux burns (in order to shied the weld), it leaves a heavy slag and smoke buildup in the work. It is very important to chip off the slag any time you stop, then re-start, a weld.
MIG is different in that the wire can be as small as .023 in al the way up to .045 in. in diameter (wire size is reated to the thickness of the material you are welding). As one poster said, you can buy a MIG welder and run Flux Core in it so that if you decide to play around with Flux Core, you can "upgrade" to MIG and not have wasted any money on the machine.
MIG makes a cleaner weld as there is no solid Flux to burn and leave slag behind. It does add another variable to the process in terms of setting up your gas (Argon or CO2).
I disagree with the post that says that the bigger welder can do anything that the smaller welder can do. This is as correct as saying that "a sledge hammer can do anything a finish hammer can do, and more." Technically, I suppose this is true, but installing trimwork with a sledge hammer makes for difficult, sloppy work.
The heat range of the machine that you use is related to the thickness of the material you are welding. If you are repairing sheet metal body panels, you wouls want to use a machine capable of low settings and a small diameter wire (like .023 in.) in order to avoid burning through the work.
The thicker the wire you use, the more heat it takes to melt it. So if you tried to mend the same sheet metal part with a machine pushing .045 in. wire, you would likely have very much trouble - the part would burn, not fuse.
Staying on the wire feed topic, you will find that the machines run in the "smaller" and "larger" categories. Smaller machines run on 120 VAC or sometimes 240 VAC, and they will ba capable of using wire from, say, .023-.035 in. A machine like this would be capable of sheet metal through medium wall tubing - like a go kart is built from.
Larger machines usually require 220VAC (480VAC in industrial applications) and can push wire from .035-.045, sometimes up to .055. I am not going to say that you CAN'T stitch sheet metal with this kind of machine, but you do have to put a lot more heat into melting the wire, which dramatically increases the probability of burn through and part warpage. However, this machine will give you much better results in welding quarter-inch wall squate tubing (like in the link above) that a 115 VAC machine with .023 wire.
Remember that, for kart frame applications, the OD of the tube is irrelevant to the welder, but the wall thickness is. That being the case, if I could only have one welder or the types we are discussing, I would invest in a 220 VAC MIG unit from one of the reputable manufacturers like Hobart/Miller (same company now), Lincoln or ESAB, whether new or used. Do NOT, under any circumstances, buy a non-name eBay or Harbor freight unit. You get less than what you pay for, and you will regret your decision in very short order.
For example, I picked up a used 220VAC Hobart Beta Mig 250 for around $400 at a surplus sale. It is overkill for what I need, but what a pleasure to use. A new machine would run 5 to 10 times that price.
As important as the machine is the dealer - maybe more so. In my area, I am fortunate to have a Praxair and Airgas dealers within 10 miles, as well as a few regional suppliers. While both Praxair and Airgas are good, the Airgas guys are AWESOME! They help with accessories, they answer questions, they search out parts (my Hobart is 12-15 years old and they still find me parts when I need them). They loan me DVDs on things I want to learn. They call me back when I leave messages. They ROCK (I have no affiliation, other than I love my retailer). For these reasons, I stronly encourage you to buy any new (or used) equipment from the "best" dealer in your area. You won't spend any more money buying from Airgas than you would buying the same machine at Lowes, Home depot or Menards, so why not buy from the store that's gonna be there to help you later on?
finally, let me circle back to the stick welder. That process, in my book, is harder to learn than wire feed. If you look at the diameter of the consumable rod, you can tell that they are built to push some heat - heat that might be very hard to control on thin wall kart tubing.
and, just to confuse the issue even more, if I were to replace my stick welder (which gets used 2x per yeasr at most), I would replace it with a TIG/Stick combo like the ones from Miller. They list a machine, complete with all accessories, torches, etc that will TIG (Tungsten Inert Gas) and stick weld for a list price of around $2,800, but retails for just under $2,000 on the street. (note: Any unit that can TIG can Stick weld - assuming you have the righ accessories)
If you go to your local dealer, tell him what you are looking to weld, what your facilities are like (i.. if you don't have 220VAC in your garage, you don't want a 220 volt welder), what your experience level is, what your budget is and whether you want new or used, they will get you the right equipment...