A used lathe is no different than a used car. You take your chances and have to enter into it with the mindset you might end up working
with the tool or
on the tool... That's your call. You can increase your odds by carefully inspecting or operating it -if you know what you're looking for. I personally stick to new or, 1-owner equipment and would not purchase a used lathe sight unseen unless the owner gave some clear indication of it's condition. I would be judging the knowledge and character of the seller as much as I would be inspecting the machine. Old used lathes could have changed hands a half dozen times and you have no idea what kind of repairs have been done.
The biggest problem with older ones (pre 1950s) is they often don't have RPMs beyond 1000 to 1500 or so (not always). Any used lathe (new or old) might have gear or leadscrew damage. Jibs and ways could be shot... etc...
I had an Atlas for a few years and made more parts
for it than you can imagine. That $300 thing cost me another $400 to get it usable again and then, it was really too light duty to serve my purposes.
If Grizz has a good sale going on now, jump on it. They are fine machines too and all of the machines we've mentioned so far are basically the same thing plus/minus some small details that are not show-stoppers.
All that said... Some folks love rebuilding old iron. -And that's perfectly legit and I completely understand the passion and cherish my 1920's surface grinder that still holds 0.0001" !
I will say this... I have seen countless stories right here on this list (and others) of people rebuilding old equipment. If I had to take a wild guess, I'd say folks are spending around 200-300 hours (5-8 weeks) of their time and probably 200-400 bucks (conservatively) on supplies, petty parts and ancillary equipment to perform the rebuild. -And I know some people are spending way more...
New or used is your question to answer and there is no right or wrong.
Ray
PS: The lathe I really wanted instead of the PM1236 was a late 70's vintage Sheldon similar to the one shown. I had a crack at it for 3 grand and it was in perfect shape. Sadly it required a 10HP motor and while researching how well it would work with a 5HP motor, it got snapped-up by some other lucky guy.
I was wondering if anyone would have a look at this
http://www.classifiedads.com/tools-ad20059737.htm and tell me if this is a good deal. I was also wondering if anybody was familiar with this one? it looks a lot like the pm
http://www.classifiedads.com/tools-ad24866052.htm thanks.