What no one has spoken about thus far, is the difference between "light/medium duty" equipment and professional/industrial equipment. There is a huge difference. I've sold many, many pieces of equipment and the prevailing theme is that many clients think (relatively speaking) that a Chevy Cavalier can somehow perform with the combined utility of a Z06 Vette and a F350 diesel engine truck. -Ain't going to happen! I try to educate folks as much as possible and most important, I try to get a feel if they're serious about metalwork with the future in mind or if it's just a passing-fancy that will last only a few months.
If you want industrial capability and consistently high precision, it comes with a price tag and you won't find it a catalog store; and in the used market, you'll have to search long and hard, know exactly what you're looking for and be willing to possibly spend 4-5 grand to get it tuned-up. The point here, is that not all equipment new or old is (or was) created equal. Just like with cars and trucks, there are different classes of product and there are a few lines of new production automobiles that consistently self-destruct long before they should. Likewise, there are some automobiles I would consider purchasing used -and others I wouldn't touch with a 10 foot pole... If you don't have proper knowledge of what to look for, you might as well go blow the money at a gambling casino.
New or used? ::: It's really a personal decision... Some folks like rebuilding equipment as a hobby and I admire the folks who can do it properly. It takes more than de-rusting, a paint job, fresh grease and a handful of used gears off eBay. I would love to have a nice 1980's vintage big Sheldon -IF (and only if) it were properly rebuilt and set back to factory condition. If I never find what I'm looking for, I'll settle for the next best thing (which is just as good) -and that would be an industrial Taiwanese unit coming from one of a small handful of factories that really know how to make machines. In the mean time, I use my light/medium Chinese equipment within it's operating envelope with very good results that none of my customers have ever complained about... Still though, I must admit, I feel good and perfectly comfortable at the helm of modern style "big iron" -regardless of what country it was made in. FWIW, my decent-quality Chinese 1236 has seen a LOT of (proper) use and it shows absolutely no sign of wear -and for that, I respect it for what it is.
Ray