You don't have to have a new lathe. I probably have the crapiest and oldest lathe you have ever seen but I get by with it. Got it for nutin. Had to make several parts for it. I am a cheap bastard.
Worse part is the tailstock and head only take a #1 morse taper which limits me as far as tooling goes. I took the motor off my planer I never use. Now that I think of it get a new one.