Hello Frank – I, like you am a beginner, I got my first lathe in December last year, and I bought a bench drill a month or two prior to that.
I also aim to make model steam engines, and have just completed my first one – I looked long and hard at the used market, but ended up buying a chinese lathe, a Sieg SC4
My logic was that I didn't have the skill to judge whether the second hand machine was good or bad for the price, and wanted something a bit more modern? This is certainly not to decry Myford, only my preference, The machine I have offered some facilties that I thought were useful that I could not see on other machines
I also did a two day course in Axminster Tool Centre (I live in Exeter in Devon) and while this cost a couple of hundred pounds meant that any expensive mistakes were on their machines not mine, and they use the machine I intended to buy, giving me a chance to try it out in advance.
I am very happy with my decision, but would reiterate what others have said – I do use the drill a lot and this is another 200-300 pounds, and have spent at least that again in tooling etc (four jaw chuck, steadies, indexable cutting tools, grinder to sharpen HSS cutting tools…) the list could go on and on but I have enough to keep me going for some time – but can see that I will buy a milling machine eventually, and the one I am looking at is 1200 pounds, approximately what I paid for the lathe.
Lot of money but is has opened my eyes into a new world (I am a software developer who is also interested in electronics and RC model aeroplanes)
If you want a chat send me a private message and I'll give you my phone number
I am a way off retirement unfortunately, and the weekends are never long enough!
Best wishes
Chris
Edited By Chris Parsons on 20/05/2013 13:29:49