Generally speaking, the price of a machine does not relate too much to the machine itself, but more to the tooling that is with it. As a minimum you should expect a 3 jaw chuck, 4 jaw chuck, faceplate, tailstock chuck, some cutting tools and a couple of fixed centres. Also the machine should have a full set of basic screwcutting gears if it does not have a gearbox for screwcutting. If you don't get these, you are buying a machine with missing parts, and it should be priced lower according to the missing parts value, or cost of replacement. Screwcutting gears can be expensive, and also difficult to get hold of. New chucks are very expensive, and used 3 jaws are often worn. You will find that you can spend much more money, even buying used tooling, than the machine cost in the first place. I paid £180 for my Colchester( 20 years ago) but have spent probably twice that on tooling, and have recently looked at a taper turning attachment, which is selling today for £ 795-00, about the same as a complete lathe!!
I think you did the right thing!
Phil
UK