I dunno, when you put a pencil and calculator to it, adding in the price of buying oil makes the payoff debatable when you also figure in your time and cost of equipment. Particularly when you look at the cost of methanol these days.
I collect my own waste oil (free) and distill my glycerin to recover unused methanol for use in the next batch. When I figure in all my costs including electicity to dry the oil, then process the oil to bio-diesel, and to distill the excess alcohol out of the glycerin, plus the cost of additional methanol over the recovered stuff from the previous batch, and lye, my costs lately are about 85 cents per gallon. Now that sounds pretty good compared to roughly $3. 50 for a gallon of petro-diesel. But add $2 per gallon for purchased oil and the cost difference isn't that great. And to get your money back most efficiently you'll have to run 100% bio-D.
Now add in your time - for me about 5 or 6 hours all said and done to make a batch (40 gallons is my current batch size). And don't forget the initial investment in the processor, oil drying system, methanol/lye mixing system, transfer pumps, filters, storgage vessels, etc. and you'll quickly realize it'll take quite a while to recover your investment if you have to buy your oil.
It's a labor of love, I guess! I'll continue doing it for now as long as I have convenient sources of quality oil for free. But if methanol costs go up much more or if I had to buy my oil, I'd consider shucking the whole thing and get a second part-time job to just cover the cost of fuel at the pump.
-Jay