I'd contact a local motor shop to see if they had a good used motor if I had the need. Wouldn't hurt to contact scrap/salvage yards, as many show up on the junk market due to the copper value.
The more expensive motor has a higher power factor so it would cost less to run. In continuous use it would probably be the better buy. If you are just a hobby guy the less expensive might be a more cost effective option. (This topic probably should have been started as a separate thread since it's no longer about treadmill motors.) Surplus Center sometimes has good deals on motors http://www.surpluscenter.com/home.asp
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