New is nice, but, I have had some amazing good luck with old.
I have a new drill press, real old lathe, scored a used (like new) band saw, and belt sander from a relative... so far my total outlay, (also I am a cheap bastage
) is under $300, the gouges and skews came with the lathe...
my lathe might be old, but, I am sure it will outlive me, if the motor craps out, I'll just buy another universal one.