Measure the joint, not a generic thickness
The thickness of the base metal is one input. The joint type, fit-up, gap, bevel, welding position and required penetration also change the settings. A 1/8-inch lap joint is not the same task as a 1/8-inch butt joint with poor preparation.
Use scrap from the same material and thickness to test the setup. If the machine must run near its maximum to produce a usable bead, it may not have the reserve for a longer or more demanding version of the project.
1/8-inch steel is the practical 120V starting zone
Many homeowner machines can work on 1/8-inch mild steel within their printed duty cycle and circuit limits. On thinner sheet, control and technique become more important than raw amps. On thicker material, the machine may need more passes, more preparation or a different process.
The important phrase is 'can work,' not 'will make every joint structurally adequate.' Vehicle, trailer, lifting and pressure applications require qualified design and workmanship.
1/4-inch work changes the entire setup
Some 120V machines advertise 1/4-inch capability under narrow conditions. Regular work at that thickness is a stronger argument for 240V, higher output and a better duty cycle. The circuit upgrade, larger consumables and slower technique may cost more than the machine difference.
If 1/4-inch is occasional, ask whether multiple passes and proper preparation can meet the design safely. If it is the normal job, choose a machine designed for the working range rather than one that reaches the thickness only at its edge.
Write a three-line sizing card
Line one: the outlet voltage, breaker and whether the circuit is dedicated. Line two: the steel type, thickness and joint. Line three: the maximum continuous arc time you need. Compare candidate machines against those three lines instead of comparing only their names.
Then check the manual's rated output and duty cycle at the voltage you will use. A machine that is comfortable for short tack welds may not be the right tool for a long frame seam, even if both are described as 1/8-inch work.