When it comes to buying, go for one of the advertisers on this site rather than take pot-luck on ebay, or – even worse – order direct from china. The reason is that the likes of ArcEuroTrade and Warco etc will support you in the unlikely event that you get a dud. If the worst happens you can get your money back.
Beware of cheap offers on the web. It seems that the importers mentioned go to some lengths to pick the better examples, but their rejects still go on sale somewhere.
What you get from the different suppliers varies slightly, obviously the paint job, more subtly perhaps in the size and type of motor, and the tooling provided. That said, the breed all have similar capabilities, and – in my opinion – minor differences aren't worth worrying about.
For what it's worth I got all my stuff from Warco. Other posters speak highly of ArcEuroTrade, Axminster and others. It all worked out of the box. Nothing horrible found though it all benefited from minor tweaking. (Hobby lathes are made down to a price so don't expect perfection.)
The lathes come well equipped but you will almost certainly need a set of HSS or Indexable cutters. I started with a 6mm HSS Set about £25.
Enjoy!
Dave