I choose bullets. A collector would be the guns. A typical person would have a 1 time outlay of $$$ to make the purchase and then possibly (probably) a bit (LOT) more $$$ on mods / accessories. BUT this expense is amortized over time. Ammo and or componets are expendables and must therefore be continuously purchased over time as your supply is expended. Therefore, in time, you would spend more on ammo and or components than on your initial purchase.
I was looking through an old reloading diary. I found where I had calculated the cost of reloading skeet loads ($1.25/box) vs purchasing ammo, $3.50 for game loads and $5.00 for AA skeet. Add in the whopping $200 I paid for the Rem 1100 + can only guess how much more on the reloading equipment; the cost seemed miniscule to the 6 boxes of shells and range fees ($6.50/ round) spent every weekend. The time and enjoyment spend with my son and friends = PRICELESS!!!!!!!!!!!!!!
ahhhhhhhhhh, the GOOD OLE DAYS.
As has been mentioned, the question of collecting vs shooting comes into play.
I collect the stuff that shoots the bullets
I collect the bullets.
I shoot the stuff that shoots the bullets
and
I shoot the bullets.
It is all expensive to me.
It is all also relative.
For instance, if I smoked (22 years clean) a pack a day, within 4 months I've smoked away a decent Glock or a couple cases of ammo with nothing to show.
So, I figure that instead of smoking, I've just dumped that money into my brass, lead, steel and polymer collecting and using.
My guns will probably never cost more than all the years of ammo I put through them, but maybe that just means I don't own expensive enough guns! I'll have to talk to the wife about that one....