For a first machine its risky if you don't know how to test one. Lots of old iron I look at can't be tested under power, those I pass on. I have a machine from 1941, parts have to be made for it now. It gets really expensive if you can't make the parts yourself or find used ones. Some machines will be good enough for your use too, but some are so worn they need refurbishing immediately. You gotta know the difference.
After getting a PM1236 myself I found no major desire to use the old lathes again though. My controls are smooth and easy to read. A DRO on an old machine helps greatly, you don't have to deal with the hard to read dials as much or not at all. If you have the room its very desirable to have multiple machines, less set up time. I still have three antiques in my shop, but the newer imports do most of the work.
If only you could get the old girl with all the new pieces inside...
I say buy both. Sell the one you don't reach for.
The Southie looks good to me, under all the grime it may be quite serviceable
I would check the ways near the headstock for severe wear and deep ridges. For hobby use you can accept a bit of wear there
You want to check all the power feed features on the carriage since the crucial gears are hard to find if worn out
-M
I would jump at the Southbend
I understand other points of view though
As a hobby guy, if I bought everything I have new (machines, accessories, tooling, measuring tools, etc.) my shop would be fairly empty! But now I have run out of space thanks to Craig's List and FaceBook MarketPlace. Making wise, used equipment purchases has served me very well.
For me, half the fun is buying a machine and going through it, cleaning and/or making small repairs to used equipment. I enjoy doing it. It's something you can take pride in.
If it were me, I'd buy used and get both a lathe and mill, along with some tooling, for the same price as a new lathe.
To each his/her own!
Ted
I think a lot of this comes down to what you want from a machine.
If you need to make stuff, and that is the number 1 goal it is hard to beat new, or paying for an older machine that is actually like new (not just repainted, or lightly used but neglected in the corner of a barn for half a century, protected by a layer of rodent droppings). Even buying a nice well maintained older machine you will spend some time getting it dialed in and that is a best case scenario, often you will find even those "only used on Sundays by a little old machinist" machines will take a fair bit of work.
On the other hand if it is just about making stuff, even if that is just making parts to fix the machines it is hard to beat old machines. Less money spent and better value for the money. Personally for me the old stuff also has way more character which makes using them more fun.
That said I have completely failed in my goals to make the things I bought the machines for in the first place, but I have acquired machine caretaker as a hobby. Since the goal was personal enrichment, and entertainment that has been a fair trade off.
Like Ted I have a much better equipped shop than I could have had buying new, but it will probably be another 5 years of playing with projects before it is fully functional, but that is ok because I am learning so much along the way.
another issue is if you needed to mill or turn a part to recondition the lathe you just got, well you have to have a lathe and mill in the first place.I have an ongoing struggle with fixing/reconditioning stuff over actually using it...
I guess that I am progressing since the first step is to acknowledge/accept the condition that I have ...
I seem to be caught up in the nostalgia of the older machines... In my mind (very vivid imagination by the way), I see my garage with these machines of past times... and I am using them to make stuff... nothing to use in a rocket or a precision machine, but just making stuff... And then I take that piece of whatever I made, walk to my wife and show it to her
Me: "Here honey! Look what I made!...."
Wife: "What is it?"
Me: "It is another clamp, or knurling tool, or whatever... and it only took me 9 tries to make it..."
Wife: "Don't you have several of those?"
Me: "Yes..."
Wife: Simply smiles...
And the reality could be totally different... a garage with old junk where nothing works properly... and my wife complaining about the mess...
I have the 9"x20" HF lathe that I got a few months ago... learning with that. Even made a knob to replace the broken (well, I broke it) one in the machine...another issue is if you needed to mill or turn a part to recondition the lathe you just got, well you have to have a lathe and mill in the first place.
Many of us can only afford ( money and space) one (mill ,lathe, etc).