My personal opinion (and outlook) is this. If you NEED a lathe, this isn't it. If you WANT a lathe... Well, maybe it is. What I see there is a very old and dated machine. It would be a project. I am kind of new to machine shop tools, but some of my favorite woodworking machines are stuff that I literally brought back from the dead. (And of course some I paid good money for good stuff as well....). But for me the process of bringing back an old war horse is just as enjoyable as running the machine. If you "like" a machine enough, sometimes old and slow is a bonus. It's just that much more play time. Of couse it's that much longer to drag a finished workpiece out of it too, so your opinion on that matter is kinda what matters here....
It looks like it could be a useful machine, (again, pending inspection), but it'll never be modern. It'll be very slow, it'll need the change gears sorted, hopefully the bracketry is there. eBay might choke up a used part here and there, maybe, if you can get a maker's name from it, but Ebaychina isn't making any new parts for it...... Not necessarily, but "probably", somebody gave up on it a long time ago judging by the overall capacity adjustment. Although that lathe lived through some hard times. Maybe the angle grinder incident was done carefully and with some forethought, in an effort to get by when there wasn't much to go around? It appears that the grinding happened on the tailstock ways, not the main carriage ways. That could (after inspection) become part of the lathes story, without affecting normal operation.
If the price is good, and I found the idea of a project entertaining at this point in time, I'd happily give scrap or maybe above. If the price exceeds that, the parts alone (particularly the lets) would probably fetch more loose than the whole assembly when it's bolted together. Check that where you are, because you're a lot closer to "machine rich" areas, maybe the legs aren't worth so much as they always are around here. So I'd judge the things I could judge, estimate the things I couldn't judge, and see if the seller and I could agree. All that said, I'm not saying, suggesting, or implying that I'd give a mortgage payment for it. Maybe closer to a well used car payment...
Or, if I had projects for a lathe to do that needed done..... Maybe those projects don't want to wait on that, and I'd move on..... Really, it depends on what you're looking for, because that lathe is a project. I suspect it's a doable project, but it will unfold on it's own time frame. Not yours.
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