Clint, what is your budget? Keep in mind that most lathes cannot be upgraded. I mean that if it doesn't come with a quick change gear box, a separate saddle drive shaft or adequate rigidity then these cannot be added later. If you want to start off with a good lathe then you have to buy it that way. I know you can buy cheaper lathes and trade up but you usually will not recover your costs on a Chinese lathe so why lose the money in the first place.
What I'm trying to get at is to do some homework and learn which features are really important to have and make sure that the lathe you buy has those features. You may not understand enough about lathes to understand how important they are but if you are diligent and make a list, you'll sort it out. I'll start your list off:
- Camlock spindle: important because it is a solid, secure mount that allows for running in reverse and just about every manufacturer of both quality and cheap chucks makes chucks to fit them. In contrast, most cheap Chinese lathes have either a threaded or stud mounted system that is a pain to use and good chucks do not directly fit.
- Quick change gear box: desirable because changing speeds, feed and threading options is a twist of the handle or knob away. Change gear lathes are actually quite versatile and will cut more threads than a QCGB lathe will but it is a slight hassle to have to change gears for everything. Not a deal breaker but important to me.
- Separate saddle drive shaft: I prefer this to using the leadscrew or a key in the leadscrew to drive the saddle. Much more robust and wear-resistant, and most have a slipper clutch in case of a crash.
- Adequate spindle bore size: match to your needs but the bigger, the better.
- Hardened and ground spindle, precision tapered spindle bearings with a stated accuracy rating: Most Chinese lathes will say they use precision bearings but ... really? They do not state the guaranteed run out on the spindle so how do you know?
- Hardened and ground gear train: For me, important for longevity, accuracy and reduced noise.
- Adequate HP: on a 12" lathe, 2HP is adequate, less is not.
- Is a change gear set available? Even with a QCGB, you will need to do other threads at some point and a lathe is not complete without a full change gear set. Whichever lathe you buy, buy this, too.
This is just off the top of my head and I'm rushing to do this before running for an appointment but this will get you started. Ask the guys and they will tell you much more about this. If I had to buy a new lathe today, with my personal needs in mind, I would buy a PM 1236T.