I hate to tell you, but it's a real waste of money.
Machines won't tone your supporting muscles, and having one at home is just an invitation to forget about it.
A local gym charges $150 to start and $30/month. $3200 would buy me and my girlfriend 4 years at a gym... where there are over 50 different machines, as well as freeweights, which get updated as they get worn out or old. Not only that, but I get to GO THERE, which means that while I am at the gym, I have nothing to distract me from working out.
Finally, I get to pay the $3200 over a period of over 4 years, which goes a long way towards an engagement ring.
What is and what isnt a waste of time and money seems to be VERY individual thing. I know a lot of people, myself included who have purchased gym memberships and simply not gone because of the time it takes out of ones day, and now with the cost of gas, the cost it would take to go there and back.
Conversely, I bought a Bowflex and use it every single day, and have gotten good results from it.
For you, it sounds as it if would indeed be a waste of time and money.
For me, the gym membership that went unused was a much larger waste of time and money. Not everyone has the desire and inclination to go socialize and work out with groups.
Every person has very different needs, desires, goals, and ideas how to spend their time, money, and energy, and what is indeed a waste of those resources.