Tons of good info here, and ALL the other what lathe should I get threads. Read the
@DavidR8 threads on his lathe search and you'll get a lot of the same info plus thoughts on buying used rather than new.
Trust me, we'll tell you if you're "wasting" your money, from what I've read PM machines are a good value and their service is top notch. However, since you are in Michigan it might be worthwhile looking at some used machines. You're literally less than half an hour from South Bend so it would be almost criminal if you didn't at least see one of their lathes in action. Not every used machine is a project and if you can get one that comes with tooling you will be miles ahead IMHO.
You have nothing to loose by looking at used machines and if you can try one out you'll get a much better sense of what we're all talking about when we answer your questions.
Here's a pretty one that's probably over priced but might be worth a look.
South Bend Lathe Heavy 10 Model number CL 187RB Late model...1981 Long bed...4 1/2’ with hardened...
southbend.craigslist.org
Oh, and what did I learn that I wish I'd know. Like everyone else, bigger stiffer, quick change gearbox, more tooling, etc....
I like the process of fixing stuff up so projects don't turn me off. I can get much better for way less money if I'm willing to do the work. I'll definitely echo what
@macardoso said about CNC vs manual, for a lathe you definitely want manual to start and if you're going to CNC a machine it probably pays to look for something pretty rigid to start with. If you have the space used industrial CNC machines can be had pretty cheap too. Also, you can build your own from parts and pieces like I did with my mill and
@r3292c did with his lathe. There are CNC kits for popular mills but not so much for lathes so you have to make a bunch of it yourself anyway and you'll want good manual machines to make that happen.
That's all I've got for now, keep asking questions.
John