Hi
The possibles for a lathe are almost endless.
You need a clear idea of what you want to do with it.
Having said that, I hankered after a lathe, knowing that it would be useful.Far more useful than I ever imagined.
Knowing very little, when a Myford ML7 came up, I bought it and have never looked back.
I found the 2MT spindle a little restrictive, so when I retired I bought a generic Taiwanese lathe with a 5MT spindle, (But have never used anything larger than 3 MT)
That is probably a bit large for most model engineers, but the specification was good, it has not yet proved to be too small. But it is not a machine for anyone wanting to make watches.
Many work quite happily with a Myford 7 Series machine, or an oriental mini lathe.
Older lathes are quite useable, although they may have their limitations.
The specification will depend on what you want to do with it. Power feed(s) are nice to have but not essential. If you are never going to cut threads larger than 0BA, or M6, you may not need screwcutting facilities, such as changewheels, or a Norton gearbox. Taps and dies will suffice.
But of you want to make, say holders for ER collets, you will need the ability to cut 1.5 mm pitch threads.
No point in having a 12″ swing, if you are going to make Gauge 1 railway rolling stock
A former work colleague produces better work than mine on a lathe that is over a 100 years old.
A skilled man can do good work on an old, worn, lathe while an ignoramus will produce scrap on a brand new machine.
Take your time, and don’t rush, either into a purchase, or into trying make something complicated when you first start. Just become familiar with the machine, and cutting metal, and then make simple things, some of which you will be able to use in the future.
H T H
Howard
Think about what you want to do. That will help give the specification (But go a little bigger against the time when you horizons expand, as they will)