You can often see a real gem of a second hand machine going for a couple of hundred quid on fleabay.
The big problem is tooling, which can take a while to find and accumulate and can cost silly amounts of money, I’m into making as much of my own stuff as I can now as well as fixing the machine up.
If you buy a second hand one and you’re clueless search for one which comes with a bunch of tooling, solid (non-roller bearing) headstock bearings and a leadscrew nut which is in decent nick and avoid the ones where the owner only sells the lathe.
The buy new or second hand argument usually boils down to cost, you can get a lorra lorra lathe for your money second hand if you can do the pick up.
My own 1944 lathe can still turn 14 inches down to 5 hundredths of a millimeter and I’m still a numpty, I had to adjust the headstock bearings at one point as well because the old girl had taken such a hammering and the headstock end of the bed is more worn than the tailstock end.
As a complete newby it occurred to me that I would be bonkers to spend two grand on a new lathe until I knew I was going to do this hobby forever.
It’s dirty, dangerous and highly skilled.
The highly skilled bit takes literally years of focussed effort, meanwhile you spend years of getting filthy, coping with metal splinters in your fingers, aching legs and sleepless nights as you stand for hours working on projects.
If you get into it…you’ll never need another hobby.
The sense of achievement satisfaction and self esteem from what you discover you can do with a lathe can be a bit of an eye opener.
It sure beats the internet or watching crud on TV.
So don’t spend too much to start with because you’re currently in a chicken and egg situation with a hobby which needs a great deal of commitment.
I would also buy L.Spareys “The Amateurs Lathe” to give you a few pointers if I was you.
Good Luck