Strictly as an investment decision, no. Lugers IMO appreciate at the rate of inflation plus a percent or two, and borrowing costs are above that.
The problem with this 'analysis' is that purchasing a Luger is or should be done for non-investment reasons. People buy stuff they don't really need but want, like say new cars, all the time using debt. So it really depends on how much you want it and your ability to repay.
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