I've used the Magna type compression lugs once and they do seem to work well.
I don't really like soldering large gauge wires as getting the copper wires hot enough to accept solder properly melts/burns the insulation. I cover it with shrink wrap but then I also don't like using solder in critical connections as solder has a higher resistance than the copper.
I have a tool similar to the one at the end of
this link.
My tool goes to AWG 0, and was about $100 years and years ago. That one goes to 2/0 and is $75 with shipping.
Is it affordable/reasonable? That is a matter of perspective. I think the usefulness of a decent tool for up to $75 can pay for itself over time.
For larger wires I had some dies made for use in a hydraulic press; AWG 2/0 and 4/0. It's just not very portable.