The force needed to bend metal goes up by the square of the thickness increase. This means it takes 4 times the machine to bend twice the thickness.
The $500 16 gage brakes are cheap, overrated (that is, they fudge on their stats) chinese imports. A decent american made 16 gage brake is closer to a grand.
Imagine needing to build 4 times the machine, to bend 1/8", and you start to see why the Chicago D&K machines, made here, are north of 5 grand.
Cheapest heavy duty manual brakes I know of are the Grizzlys. They make a couple of 12 gage brakes that will bend 1/8". The G0542, for example, will do what you want, and, at about $1500, is a bargain. Just on a per pound basis, its only .88 a lb. You cant buy raw steel for that where I live, much less machined, welded, and assembled into a brake. And its a very flexible tool that will do all kinds of sheet metal work.
The other alternative is a cheap press brake die, in a hydraulic press. Together, probably similar money, but more suited to production bending of just one bend. The problem is that 24" of bend gets you up into higher tonnages. A 20 ton is probably not enough. Northern tool makes a 24" press brake die that they claim will work with a 20 ton press, but they dont specify thickness. Me, I think 1/8" is gonna be pushing it with this setup-
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you are only doing a few, maybe. Any quantity, and I would be thinking 40 ton press, and heavier duty dieset. But its a start, and its only a few hundred for the die.
Bending 1/8" plate, reliably and accurately, in any quantity, gets you into industrial tools, and industrial prices.